PT
Autoridade da Concorrência

Case details

Print
Merger control
Case reference
Ccent/2026/53 - Monarch Alternative / Lune Holdings
Acquired
Lune Holdings S.a r.l.
Description
A holding company headquartered in Luxembourg, whose main objective is to manage the financial control, liabilities, and shareholdings of its operating subsidiaries, within the Kem One Group, active in the chemical industry, focusing on the manufacture of polyvinyl chloride (“PVC”) solutions, caustic soda, and chlorine derivatives. Its main product lines are (i) bulk and suspension PVC, (ii) emulsion and micro-suspension PVC, (iii) caustic soda, (iv) chloromethanes, (v) other chlorinated derivatives. The Kem One Group has subsidiaries in France, Spain, Italy, and Turkey and operates through Kem One in eight industrial facilities in France.
Acquiring
Monarch Alternative Capital LP
Description
International investment firm headquartered in the USA. Focuses its operations on credit and real estate investments across various market segments and asset classes, including corporate credit, structured credit, real estate, and special situations.
Sector
Activity (NACE)
Applicable legislation
Notification thresholds
Type of merger
Cooperation with sector regulators
Status
Ongoing
Type of Investigation
AdC’s decision
Case description

The merger operation consists of the acquisition by Monarch Alternative Capital LP (“Monarch”), through a special purpose vehicle (“BidCo”), of sole control over Lune Holdings S.à r.l. (“Lune”) and indirectly over its subsidiaries, including Kem One SAS (collectively, the “Kem One Group”).
Timeline
2026-07-15
Monarch Alternative notifies acquisition of sole control over Lune Holdings
Click here to see your activities