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 South America, Materials Suppliers
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

Styrolution will open new production late 2014

July 30, 2014 12:54 pm ET

Germany-based styrenic materials group, Styrolution, has announced it is expanding its facility in Ludwigshafen, Germany.    More

Image

Carbon black supplier Orion begins trading on NYSE

July 29, 2014 11:29 am ET

Orion Engineered Carbons S.a.r.l. has priced the initial public offering of 19.5 million common shares at a price to the public of $18 per share.    More

Image

Dow sees solid second quarter performance

July 29, 2014 11:19 am ET

Dow Chemical Co. has reported its second quarter figures, with its seventh consecutive quarter of growth, according to the company.More

Image

Evonik sells polyimide foams operation to Boyd

July 29, 2014 10:46 am ET

Modesto, Calif.-based Boyd Corp., a manufacturers of specialty material and sealing agents, has purchased Evonik Industries’...    More

Image

Formosa to be compensated for Vietnam riot

July 28, 2014 1:44 pm ET

Taiwan's Formosa Plastics Group will receive $2.39 million from the Vietnamese government and insurance companies for damages suffered during the anti...    More

Market Reports

Pipe, Profile & Tubing Extrusion in North America 2014

U.S. demand for extruded plastics is expected to grow by 3 percent in 2014, with PVC remaining the largest segment.

Plastic pipe will post the strongest gains through 2018, continuing to take market share from competing materials in a range of markets.

Our latest market report provides in-depth analysis of current trends and their financial impact on the pipe, profile and tubing extrusion industry in North America.

Learn more

2014 Injection Molding Industry Report

GROWTH, OPPORTUNITY IN SIGHT FOR INJECTION MOLDERS IN 2014

In the wake of the economic turbulence earlier in this decade, molders today find themselves in much better shape. Molders are gaining a competitive advantage by investing in people, equipment and seeking inroads into new markets on a global scale.

Growth in the injection molding industry is going to be driven by low financing costs and a continued move to reshore some business.

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

Upcoming Plastics News Events

September 10, 2014 - September 12, 2014Plastics Caps & Closures 2014

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

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

More Events