Saudi competition council approves SVCP’s offer to acquire AcwaPipes

Saudi Vitrified Clay Pipe Co. (SVCP) said on Monday that the Council of Competition has approved its offer to acquire Arabian Company for Water Pipes (AcwaPipes), without mentioning a value for the proposed offer.

Earlier this month, the anti-monopoly watchdog had rejected SVCP’s offer to acquire the pipes producer. At the time, the council said the deal would adversely affect competition in the local market.

SVCP has since appealed the decision, it added in a statement.