28 November 2002 18:22 [Source: ICIS news]
LONDON (CNI)--Three chemicals firms plus several private equity companies are negotiating to buy the rubbers and latex business of Italy's Polimeri Europa, CNI was told Thursday by an analyst following the sale discussions.
Paolo Merli, an energy analyst at Intermonte Securities (part of Italian bank Monte dei Paschi), estimated the sale price will be in the region of Euro400m-500m ($395.9m-494.8m) and will complete by the end of the year.
He identified Dow Chemical and BASF as among the interested industry buyers. A spokesman for Dow in Italy, however, said he was not aware of any discussions over Polimeri. BASF declined to comment.
Polimeri’s rubber and latex business operates seven manufacturing plants: three in Italy, two in the UK and one each in France and the US and generates average annual sales of Euro650m ($649m).
Its main products are styrene-butadiene rubbers (SBR), polybutadiene rubber (PBR), ethylene-propylene rubbers (EPR), nitrile butadiene rubbers (NBR), polychloroprene rubbers (PCR), and thermoplastic rubbers and latex.
Polimeri Europa is part of Italian energy giant Eni.
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