Belgium's SOLVAY has been granted authorisation by the US and EU competition authorities to implement a deal signed with BP in August 2001 whereby: 1) SOLVAY will acquire BP's engineering polymers business, granting SOLVAY a global leadership position in the high performance plastics industry; 2) the setting up to two joint ventures in high density polyethylene, which together are one of the leading players world-wide; with a total turnover of approx. EUR 2 billion. The new companies will be called BP SOLVAY POLYETHYLENE and one will be based in Europe and the other in the United States; 3) the divestment of SOLVAY's polypropylene activities. The agreement also generates for SOLVAY an up front cash payment of EUR 80 million from BP. Moreover, after more than a year of talks, Germany's K+S and SOLVAY signed an agreement to set up a joint venture in the salt sector. The new company will be named ESCO - EUROPEAN SALT COMPANY, of whose capital K+S will hold 62% and SOLVAY 28%. It is expected to generate an annual turnover of some EUR 300 million and will have 1,400 employees. The joint venture will produce approximately 5 million tonnes of salt a year (the same amount as produced by the current leading salt producer AKZO NOBEL).