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Tuesday, 26 March 2019 - 13:42

Chemistry

AkzoNobel confirms ongoing talks with Axalta

AkzoNobel today confirmed in a press release it has talks underway with competitor Axalta Coating, aimed at a merger of equals between the two coating giants. The merger would result in lower prices for raw materials, which would generate significant…

$20bn Clariant-Huntsman merger dismissed

Clariant and Huntsman this morning announced in a joint statement that they have dismissed their planned $20bn merger of equals. The decision reflects the tremendous pressure that some investors are putting on Clariant, including the White Tale Holdings fund, which…

BASF strikes its largest acquisition ever

Germany-based BASF some days ago announced its largest acquisition ever: indeed, the Ludwigshafen-based group last Friday reported it had successfully completed the negotiations to acquire a significant part of Bayer’s seed business for €5.9bn–that is 15x EBITDA. The acquired asset…

Merck KGaA presents strategy to investors, yet shares significantly drop

Germany-based Merck KGaA has presented this week its new strategy to investors. On the occasion, the management has confirmed the current year guidance, despite market conditions have considerably worsened for the Darmstadt-headquartered company. The management lowered the guidance in August,…

BASF acquires Solvay’s Polyamide unit for €1.6bn

As it was already known, Solvay was searching for a buyer of its Polyamide division and investors were not surprised today as it was announced that the company has sold the asset to Germany-based BASF. BASF paid €1.6bn, corresponding to…

Bayer sells 10% of stake in Covestro and raises €1.2bn

Bayer sold as much as €19m in shares in its subsidiary Covestro between Wednesday and Thursday, at €63.25 per share, to various investment funds. The transaction fetched the Leverkusen-headquartered group approximately €1.2bn, although the company still owns 31.5% of Covestro….

Bayer appoints new CFO

Germany-based Bayer keeps replacing its top management. Shortly after the new CEO Werner Baumann has taken office, the Leverkusen-based group yesterday afternoon announced the name of its next CFO – Wolfgang Nickl, current CFO at Dutch group ASML, who will…

Chemical multinationals targeting Kemira

Finnish economic and financial weekly Talouselama reported that the chemical group Kemira is likely to be targeted by other chemical multinationals. Yesterday’s article, even without mentioning any source, reported that the two largest investors in the Finland-based group, that is…

Ton Büchner, AkzoNobel CEO, steps down

Ton Büchner, CEO of the Netherlands-based chemical group AkzoNobel, resigned today due to health reasons. The news surprised the financial community, which would have never expected Büchner, the author of AkzoNobel’s resistance strategy to US’ PPG takeover attempt, to leave….

Private equities step forward to acquire Linde-Praxair’s assets

Linde and Praxair are reportedly weighing the sale of some assets in order to avoid issues with antitrust authorities and private equities CVC Capital Partners, Carlyle Group and Advent International are likely to target them. Specifically, CVC is reported to…

Arkema announces €300m investment in bio-nylon

France-based chemical group Arkema announced yesterday at its Capital Markets Day in Gouvieux (France) its development plans over the next five years. A major part of the French group’s strategy is the €300m investment in the production of bio-nylon-11. Specifically,…

Part of Clariant’s investors try to block merger with Huntsman

The Corvex Management hedge fund, led by Keith Meister, and the 40 North fund, owned by US-based Standard Industries increased their stake in the chemical group Clariant up to 7.2%. The decision addresses the intention of blocking the $20bn merger…

Employees of Germany’ s Merck afraid of sale of Chemicals division

The top management of Germany-based Merck announced a long time ago it plans to split the group into three independent units (Pharma, Chemicals and Laboratory instruments) raises serious concern among labor representatives, afraid that this plan will lead to selling…

AkzoNobel seeks acquisitions after narrow escape from PPG

Economic-financial daily Het Financieele reported a statement by Ton Büchner,stating that AkzoNobel, after rejecting PPG’s attack, is seeking an organic growth, but also acquisitions. The group has enough cash for small-scale acquisitions, Büchner added. AkzoNobel had already disclosed its plan…

It’s official: PPG renounces to AkzoNobel. $130bn merger failed

In a press release issued today before European stock markets opened, PPG announced it renounced to pursue the €26.9bn acquisition of Netherlands-based AkzoNobel. Over the last months, PPG had submitted as many as three bids to AkzoNobel’s board, with the…

PPG not starting hostile takeover of AkzoNobel

PPG industries is apparently planning to continue talks with AkzoNobel’s board in order to acquire the Netherlands-based group, Dutch economic and financial daily Het Financieele Dagblad reported today. An Amsterdam commercial court yesterday ruled in favor of AkzoNobel’s board and…

Layoffs planned following Clariant-Huntsman merger

German economic and financial weekly WirtschaftsWoche commented on the Clariant-Huntsman merger agreement, which created a specialty chemicals giant worth $13.2bn. Clariant CEO Hariolf Kottmann, who will chair the new group, already gave several hints at the next steps to be…

Linde-Praxair merger agreement announced

Linde and Praxair announced they reached an agreement on their merger. The transaction creates a €70bn giant, with a leading position in the industrial and medical gas industry and a global 40% market share, overtaking the long-time competitor Air Liquide. …

Huntsman and Clariant merge and create nearly 14-billion-dollar group

Huntsman Corporation and Swiss-based Clariant today jointly announced a merger of equals through an all-stock transaction, creating a company named HuntsmanClariant, with sales of approximately $13.2bn, an EBITDA of $2.3bn and 32,000 employees. As part of the agreement, Clariant’s shareholders…

BASF to sell PCM materials business

BASF announced it will sell the rights to Phase-Change-Materials (PCM), a business having Micronal as its main brand, to US-based Microtek Laboratories. As part of the agreement, BASF will divest the Micronal brand and IP packet, but not the Ludwigshafen…

Frustration builds for Linde investors

Investors in German group Linde voiced frustration, during their meeting, for the merger with competitor Praxair slowing down. The management, yet, said that the merger remains on track, delayed by only a week, despite stiff opposition by labor representatives, afraid…

New acquisition for Horizon Pharma ($145m)

Horizon Pharma acquired River Vision for $145m in cash, plus potential future payments contingent on achievement of precise milestones. River Vision’s main asset is anti-inflammatory drug teprotumumab, a mAb inhibitor currently in clinical trial for the treatment of Thyroid Eye…

ChemChina, Sinochem seek merger to create a 100 billion dollar group

The two China-based chemicals giants ChemChina and Sinochem are reportedly planning to merge, creating the world’s largest chemicals group with $100bn of revenues. The merger is politically driven, like the recent ChemChina’s $43bn purchase of Syngenta, people familiar with the…

Lanxess hires McKinsey consultant to develop group’s strategy

Chemicals giant Lanxess hired Jens-Christian Blad to fill the position of Head Corporate Development, replacing Markus Eckert, who now heads the Urethans Systems division. Blad comes from consultancy McKinsey, which he joined in 2006 as head of the “Megatrends-supported Growth…

Sparring match between AkzoNobel and PPG following €26.9bn third bid

AkzoNobel today announced it refused the third acquisition bid by competitor PPG, which this time offered €26.8bn. AkzoNobel’s release was closely followed by a release by PPG, expressing disappointment for the negative response and remarking that the board ignores the…