Solvay insists Indupa sale is 'ongoing'

EUROPEAN PLASTICS NEWS

Published: January 9, 2014 1:32 pm ET
Updated: January 9, 2014 1:37 pm ET

Related to this story

Topics Materials Suppliers, South America
Companies & Associations Solvay SA

Belgian resin company Solvay SA says a deal to sell its majority stake in South American PVC producer Solvay Indupa will go ahead and is unaffected by an objection from the Argentinian share regulator.

"Contrary to what we have been reading in some media reports this week, Solvay confirms that the planned divestment of its 70.59 percent stake in Solvay Indupa to Brazil's leading chemical producer Braskem is well underway," Solvay said in a statement.

The Solvay Indupa shares not owned by Solvay are publically traded on the Argentinian stock exchange. Braskem is required by Argentinean law to launch a tender offer to buy these outstanding shares.

On Jan. 3, Argentina's Comision Nacional de Valores announced Braskem's tender offer price of 1.35 Argentinian pesos was too low, based on the market traded share price. The market regulator told Braskem to set an equitable price in order to comply with market standards.

Solvay said in its statement that Braskem has subsequently been in discussions with CNV to understand its decision and to set a new price.

In any case, Solvay said its divestment is not conditional on the success of the tender offer. In the meantime, anti-trust filings are being made as planned in Brazil and Argentina, it said.


Comments

Solvay insists Indupa sale is 'ongoing'

EUROPEAN PLASTICS NEWS

Published: January 9, 2014 1:32 pm ET
Updated: January 9, 2014 1:37 pm ET

Post Your Comments


Back to story


More stories

Image

Foster building medical polymers plant

September 19, 2014 1:39 pm ET

Foster Delivery Science is investing $8 million in a new plant in Putnam, Conn., for production of medical polymer blends, as well as rods, film or...    More

Image

BP to restart damaged PTA unit in limited capacity by November

September 19, 2014 10:27 am ET

British Petroleum plc may restart its fire-damaged purified terephthalic acid (PTA) feedstock unit in South Carolina in late October or early...    More

Image

Bayer spinning off plastics business

September 18, 2014 8:49 am ET

Bayer AG will spin off its MaterialScience plastics group into a separate, publicly-traded company within the next 12 to 18 months.    More

Image

Investor group wants DuPont to split in two

September 18, 2014 7:37 pm ET

Investment firm Trian Fund Management LP is calling for plastics and chemicals giant DuPont Co. to split itself into two firms, one of which would...    More

Image

China's Polymax Elastomer launches U.S. production in Illinois

September 17, 2014 3:35 pm ET

Chinese materials maker Polymax Elastomer Technology Co. Ltd. has opened a North American production site and headquarters in Waukegan, Ill.    More

Market Reports

Plastics Caps & Closures Market Report

The annual recap of top trends and future outlook for the plastics caps & closures market features interviews with industry thought leaders and Bill Wood’s economic forecast of trends in growing end markets. You will also gain insight on trends in caps design, materials, machinery, molds & tooling and reviews of mergers & acquisitions.

Learn more

Shale Gas Market - Analysis of North American Region

This report highlights the impact of shale-based natural gas on the North American plastics market and features an in-depth analysis of production trends in the United States during 2013 and a forecast for 2014 and beyond.

Learn more

Thermoformed Packaging 2014 Market Review & Outlook – North America

This in-depth report analyzes economic and market trends, legislative/regulatory activity impacting supply and demand, business opportunities and threats, materials pricing, manufacturing technology, as well as growth strategies being implemented by thermoformed packaging companies.

Learn more

Upcoming Plastics News Events

January 14, 2015 - January 14, 2015Plastics in Automotive

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

More Events