By: EUROPEAN PLASTICS NEWS
March 13, 2013
COLOMBES, FRANCE — Arkema SA has come back fighting after Swiss investment firm Klesch & Co. Ltd. announced plans to sue the French firm over misrepresentations relating to the sale of its vinyls divisions. Arkema says it refutes the accusations categorically.
Earlier this week Geneva-based Klesch, which acquired Arkema's vinyls unit last year, said it has discovered "significant gaps" between the information presented by Arkema before the acquisition was completed and its current financial results. Klesch is now seeking compensation for what it calls financial shortfalls in the balance sheet.
Colombes-based Arkema not only denies the allegations but claims Klesch never indicated it was worried about the financials of the Vinyls unit, now called Kem One SAS.
"Arkema is… surprised given that throughout the eight months since the divestment, the Klesch group has raised no issue with Arkema," said the company.
The company added: "Arkema confirms that the Klesch group had access, in complete transparency and throughout the negotiations, to all the necessary information – as customary for this type of transactions - to enable it to assess the financial situation and the prospects of this activity, and performed the in-depth due diligence that it wanted."