EPCA 2000: BASF still interested in Sisas MA assets

02 October 2000 13:20  [Source: ICIS news]

MONTE CARLO, Monaco (CNI)--German chemicals giant BASF is still interested in buying the Belgian maleic anhydride (MA) and derivatives assets of beleaguered Italian chemicals company Sisas.

BASF executive board member responsible for petrochemical operations Jurgen Hambrecht told CNI on Monday that his company was willing to resume negotiations with Sisas, providing the terms were "reasonable".

Hambrecht, who was talking here at the European Petrochemical Association (EPCA) annual meeting, confirmed that talks had broken down after due diligence had revealed details which forced BASF to significantly re-assess the value of Sisas' Belgian assets.

He would not disclose details or discuss how far apart the two sides were on price, although both Sisas and BASF had earlier confirmed a substantial gulf had separated their asset valuations.

The breakdown of negotiations triggered an application to the Belgian courts from Sisas for the equivalent of Chapter 11 protection for its operating subsidiaries Eurodiol and Pantochim.

The Tribunal de Commerce of Charleroi has given Pantochim and Eurodiol a six-month 'breathing space' in which to resolve their financial difficulties. The companies are believed to have debts totalling several hundred million euros and had faced the possibility of foreclosure by some major creditors had they not sought court protection.

By: Neil Sinclair
+44 20 8652 3214

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