|
 |
|
|
|
|
|
|
Friday May 06, 09:13
|
|
Basell to be sold by Shell, BASF for $5.7 billion
(by Mark Riley)
|
|
Royal Dutch/Shell, Europe’s No.1 energy company, and German chemicals group BASF agreed to sell their Basell plastics joint venture that was founded five years ago.
The two companies announced the sale of their 50:50 venture on Thursday. Basell, on which Shell lost $550 million, will be sold to a group of investors for 4.4 billion euros ($5.7 billion), including a debt component of 2.2 billion euros.
The stake in the world’s top producer of polypropylene will be sold to focus on other plastics, such as styrenics and polyurethanes, the BASF spokesman said. "BASF will look for attractive acquisitions which will strengthen our portfolio," he added. "In addition we have announced we intend to buy back shares for an additional 1.5 billion euros during the course of 2005."
BASF also said it would continue to look for other acquisitions and go on buying back shares.
The buyer, Access Industries and the Chatterjee Group, agreed to pay 4.4 billion euros for the Hoofddorp, the Netherlands-based Basell that employs 6,600 people worldwide.
|
|
All business news
|
|
|
|
|
|
|
|
|
|
 KEYWORD SEARCH |
|
|
|
|
|
SUBSCRIPTION |
|
|
|
|
|