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Saturday, 19 January 2019 - 9:45

Chemistry

AkzoNobel rejects even new bid by PPG, worth €26.8bn

AkzoNobel’s board rejected even the latest – third – bid submitted by PPG on April 24, claiming that neither does this new acquisition proposal by the Dutch group reflect the company’s potential. PPG offered €96.75 per share, a significant increase…

Teva exploring sale of oncology business

Teva Pharmaceuticals is reportedly weighing a sale of its cancer therapies business. The division delivered sales of $1.14bn in 2016 (-5% vs 2015). The divestiture reportedly addresses the need to reduce debt, due to the $40.5bn acquisition of Allergan’s generics…

Werner Baumann’s board loses Bayer’s shareholders’ confidence

Werner Baumann will face Bayer’s shareholders at Friday’s general meeting and it will not be easy for the new CEO to address the criticism over the expensive deal with Monsanto. Specifically, shareholders such as Deka and Union Investment will object…

AkzoNobel announces new strategy and PPG keeps urging merger

AkzoNobel CEO announced yesterday first-quarter results. Sales increased by 7% (€3.6bn) and margins improved by 10.3%. The management also announced €1bn special dividends. Besides, Ton Büchner took the opportunity to disclose the details of the new strategy expected to ensure…

AkzoNobel resists attacks by PPG

The financial community holds high expectation about the update Ton Büchner, Akzo Nobel CEO, will give investors later this week. On the occasion, the Dutch manager will present his strategy, aimed at ensuring growth while staying independent – which implies…

Linde-Praxair merger likely to be postponed

The Linde-Praxair $65bn merger is likely to be postponed. Reuters reported that the deal is so complex that lawyers will not manage to prepare the final version of the agreement as planned before Linde’s annual shareholder meeting on May 10,…

PPG, AkzoNobel CEOs hold extremely different views

Dutch TV channel RTL Z compared two recent interviews to PPG and AkzoNobel CEOs, clearly showing that the two Chief Executives hold extremely different views about the US-based company acquiring Akzo. According to McGarry, PPG CEO, the two groups are…

Solvay to divest its polyolefin cross-linkable compounds business

Belgium-based Solvay sold its polyolefin cross-linkable compounds business to Italy’s Finproject. Such compounds are used in the wire and cable, as well as plumbing tubes industries, and the business has offices and plants in Roccabianca, Italy, . Solvay is in…

Linde-Praxair merger at risk

German-based group Linde labor representatives could block the merger with US-based Praxair. The economic and financial daily Handelsblatt reported that the spokesperson of the German works council (Konzernbetriebsrat), Gernot Hahl, voiced in an open letter his concerns that a merger…

Europe approves $120bn Dow-DuPont mega-merger

The European Union’s competition watchdog yesterday approved the mega-merger between Dow Chemical and DuPont, provided that DuPont first sells its pesticides business. The business generated revenues of approximately $1.5bn in 2016 and analysts expect it could fetch $3bn to the…

BASF to sell leather business to Stahl

BASF and Stahl signed a complex agreement under which the Ludwigshafen-based group will sell its division manufacturing leather products to the Dutch group, and will receive 16% of Stahl’s equities and €150m in cash. Additionally, as part of the agreement,…

Growing pressure on AkzoNobel’s board to start talks with PPG

An increasing number of shareholders in Akzo Nobel is urging CEO Ton Büchner to enter into talks with PPG, which is targeting the Netherlands-based group. After Akzo Nobel rejected the second, €22.4bn bid, investor Causeway Capital, owning 7% of the…

AkzoNobel seeks new acquisitions to resist PPG

AkzoNobel is reportedly exploring both carrying out a large acquisition, and acquiring small companies in the coating industry. The news was reported by the Dutch daily De Telegraaf, which reminded that AkzoNobel had announced some days ago it planned to…

Biolchim ready for acquisitions

Biolchim, Italian producer of food additives, natural food colorants, extracts and aromas for food, is reported to be simultaneously assessing two acquisition targets, Italian daily Milano Finanza reported today, quoting the company CEO Leonardo Valenti. (Source: Milano Finanza)

Bayer ready to sell 3 products to facilitate merger with Monsanto

Bayer is likely to sell a part of its assets generated by selling and commercializing seeds in order to facilitate the approval of its merger with Monsanto by antitrust authorities, Reuters reported yesterday. Instead, no asset of Monsanto’s will reportedly…

AkzoNobel targets Axalta

AkzoNobel is likely to be targeting competitor Axalta Coating Systems, Dutch daily Het Financieele Dagblad reported. Allegedly, the drugmakers have not started talks yet, but they are close, the daily added. PPG some days ago made an offer to acquire…

Bayer and Monsanto ready to sell assets for $2.5bn

German-based Bayer and US-based Monsanto are reportedly about to sell assets for a minimum of $2.5bn in order to facilitate the approval of their $66bn mega-merger by antitrust authorities. Soybean, cotton and canola seed (oil) assets, as well as brands…

Here is how Akzo Nobel can resist PPG takeover attempt

Akzo Nobel does have the tools to resist the takeover attempt by US-based PPG. For instance, the Foundation Akzo Nobel has priority shares which entitle it to choose the group’s board and controlling body members. Therefore, in case of takeover,…

German chemical industry growing again

VCI yesterday issued a report about the business situation of the German chemical industry and the forecast for the next months. Last year’s final results reversed the trend of early 2016, with a very good fourth quarter, a constant production…

PPG doesn’t give up and prepares new bid for Akzo Nobel

PPG is preparing a new offer to acquire Netherlands-based Akzo Nobel, Dutch economic and financial daily Het Financieele Dagblad reports. Akzo Nobel announced two days ago that PPG had offered €83 per share, which corresponds to valuing the group at…

AkzoNobel rejects takeover attempt by PPG (€20.9bn)

Dutch chemical multinational Akzo Nobel rejected a first takeover attempt by US-based PPG, which offered €20.9bn, corresponding to €83 per share, a premium 29% over yesterday’s closing price. It is not clear at the moment whether PPG adopted a hostile…

Synthomer to acquire Perstorp Oxo for €78m

London-based Synthomer announced it has acquired Perstorp Oxo Belgium AB for €78m in cash. Perstorp Oxo was previously owned by Sweden-based The Perstorp Group and had an EBITDA of €8m in 2016. The acquiree produces and markets specialty chemicals, especially…

Bayer to sell 10.9% of stake in Covestro and to raise €1.5bn

Bayer announced yesterday evening it plans to sell a part of its 64.2% stake in subsidiary Covestro. The company informed this morning, before stock markets opened, that it has offered to the market 22 million Covestro shares, equaling 10.9% of…

A tough 2016 for BASF

2016 financial year was not the best for BASF, indeed the German chemical group reported a 18% drop in sales (€57.6bn) and a 6% decrease in EBIT (€6.3bn). The hard times experienced by the Ludwigshafen-headquartered group are mainly due to…

Repsol inaugurates pilot plant to produce polyols from CO2

Repsol has inaugurated a pilot plant to produce polyols from CO2 in Puertollano (Spain). The new plant, whose production capacity has not been disclosed, adopts an innovative procedure: propylene oxide is partially (20%) replaced as a raw material with CO2,…

Dow-DuPont merger seems closer to approval

Dow Chemical and DuPont are very likely to merge. The Wall Street Journal reported that the European Union’s antitrust regulator is willing to approve the merger after the companies offered to sell businesses to reduce their presence in the market….