No coin nor oath required. For personal study only.
out-bid BASF. However, reports since May suggest that it withdrew from the race deterred by Cognis' debt burden, leaving BASF as the only remaining suitor. The rumour mill has subsequently focused on the state of negotiations between BASF, Permira and Goldman Sachs, with the owners said to be holding out for about โฌ3.5 bn, but cash-rich BASF seemingly unwilling to pay much more than โฌ3 bn. BASF has also reportedly sought protection from potential risks such as pension obligations, cartel office conditions and business development assumptions. One can only assume that negotiations have been protracted and complex but the conclusion of a deal in the second half of June appears likely.
STOP PRESS: BASF announced on 23 June that it has signed a deal to buy Cognis. Full details next time
RAW MATERIALS
Croda International has sold its site at Emmerich, Germany, to its partner the Malaysian palm oil producer KLK (Kuala Lumpur Kepong Berhad). KLK Emmerich produces fatty acids and glycerine. It had sales of ยฃ80 M and an operating loss of ยฃ2.1 M. The deal was worth โฌ60.5 M. It will allow Croda to reduce its debts, which were ยฃ292.7 M at the end of Mar 2010. Croda generates around half its total sales (ยฃ916.2 M in 2009) from the personal care sector. The remainder come from speciality chemicals (polymer and lubricant additives and polymer coatings).
๐ SIMILAR VOLUMES
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