M&A 2003

28 November 2003 19:22 [Source: ICB]

A comprehensive list of European M&A and joint venture activity in the chemicals sector, as reported in ECN over the past 12 months

Notes on using the listing

ECN's annual listing sets out all the take-overs, spin-offs, mergers and initial public offerings in the chemical sector as reported in the magazine over the past 12 months.

The period of coverage extends from 11 November 2002 to 10 November this year, giving a full 12 months of events. Only those deals in which there is some European involvement, either on the buying or selling side, have been included.

The companies are listed alphabetically, giving the acquiring firm first and the targeted company, second. Generally, the location given is the country in which the company's group headquarters are to be found. Values of deals have been included wherever this has been disclosed by the parties involved.

The data in this listing have been compiled by Elaine Burridge, product profile editor of ECN. For comments on the listing and/or additions, Elaine can be reached on tel: +44 20 8652 8123, e-mail: elaine.burridge@rbi.co.uk

Company buying/acquired	Location			Business			Stake	Cost
3i/La Chemial	UK/Italy			speciality chemicals			80%
Actelion/Axovan	Switzerland/Switzerland		biopharmaceuticals research		acq		$187m
Aerosil & Silanes/Novara Technology	Germany/Italy			fumed silica			50% to 100%
Air Liquide/BOC (Japan Air Gases)	France/UK			Japanese gas businesses			55:45 jv
Akzo Nobel/Interpon Powder Coatings (Korea)	Netherlands/South Korea			powder coatings			50% to 100%
Akzo Nobel/Techni-Coat International	Netherlands/Belgium		speciality plastics coatings		acq		<€10m
Albemarle/Atofina	US/France			bromochemicals			acq
Alcan/VAW	Canada/Norway			Norsk Hydro sells flexible packaging business			acq
Alkor Draka/Pannon Aldra	Hungary/Hungary			Pannonplast sells stake in PVC film joint venture			50%
Alkyl Amines Chemicals/Goldschmidt	India/Germany		amines		50% to 100%		$1
Altana/DiaSorin	Germany/Italy			in-vitro diagnostics			acq
Arnaud/Champoiseau	France/France			distribution of surface metal treatment products			acq
Atofina/China Offshore Oil	France/China		polystyrene plant in Sanshui, Guangdong, China		acqSanshui Chemical Industry
Atofina/Samsung General Chemicals	France/South Korea		petrochemicals venture in South Korea		50:50 jv		$1.55bn(Samsung Atofina)
Aurora Holding/BorsodChem	Austria/Hungary			Milford Holdings sells stake			29%
Avantium Pharma/Crystallics	Netherlands/Netherlands		Avantium Technologies merges life sciences units		merger		(Avantium Life Sciences)
Avecia/Synthon Chiragenics	UK/US			chiral technology			acq
Axcan/Aventis	Canada/France		three gastrointestinal products		acq		$145m
Azelis/Kraemer & Martin	Italy/Germany			distribution			acq
Basell/Al-Zamil	Germany/Saudi Arabia			polypropylene project in Saudi Arabia			jv
BASF/Callery Chemical	Germany/US		Mine Safety Appliances sells inorganic chemicals portfolio		acq		$65m
BASF/ExxonMobil	Germany/US			Vistanex LM polyisobutylenes business			acq
BASF/Honeywell	Germany/US		nylon-based engineering plastics		acq		$170m
BASF/Sunoco	Germany/US			plasticiser operations			acq
Bayer/Bufa Beteiligungen	Germany/Germany			polyurethane systems house in Oldenburg, Germany			50:50 jv
Bayer/Makroform	Germany/Germany			polymers joint venture with Rohm			45.5% to 100%
BioFund Management/Verdera	Finland/Finland			Kemira Agro sells stake in biological pesticide business			20%
Biovian/Biotie Therapies	Finland/Finland			process development and production unit			acq
BOC/Air Products and Chemicals	UK/US		majority of Canadian packaged gas business		acq		$41m
BP/Arco Polypropylene	UK/US			BP buys partner Itochu's stake in polypropylene joint venture			15% to 100%
Brenntag/Biesterfeld	Germany/Germany		industrial chemicals distribution		50:50 jv		(Biesterfeld Chemiedistribution)
Brenntag/Droqsa	Gemany/Spain			chemicals distribution			acq
British Biotech/RiboTargets	UK/UK			drug discovery			merger
British Biotech/Vernalis (Vernalis)	UK/UK			biotechnology			merger
British Vita/Crown General	UK/Belgium			polyolefin sheet extrusion			acq
British Vita/Polytex	UK/France		thermoplastic elastomer compounding		acq		€0.7m
British Vita/Synco	UK/Italy		Cognis sells colour and additive masterbatch producer		acq		€2m
Cambridge Antibody Technology/	UK/UK		biotechnology		acq		$177mOxford GlycoSciences
CapMan/Noiro	Finland/Finland		Orion's cosmetics unit		acq		€100m
CE Oil & Gas/BorsodChem	Austria/Hungary	Forras sells stake	4%	$11.8m			to 92.29%
Chemical Technologies/Yorkshire Group	US/UK		auxiliary chemicals for dyes		acq		$1.4m
ChemTrade Logistics/Clariant	Canada/Germany		North American sodium hydrosulphite business		acq		$62m
Chiron/PowderJect Pharmaceuticals	US/UK		vaccines		acq		$878m
Ciba Specialty Chemicals/Sun Chemical	Switzerland/US			perylene organic pigments			acq
Close Brothers Private Equity/Fosroc Mining	UK/UK		BP's speciality mining chemicals unit		acq		$52m
Cognis/Laporte Performance Chemicals	Germany/UK			Degussa sells operations in Hythe and Barry, UK			acq
Colortech/Eastman Chemical	Germany/US			polyethylene colour concentrates			acq
Consortium/Chimcomplex Borzesti	Romania/Romania		Romanian state sells stake in inorganic chemicals producer		94.75%		€25.03m
Contactoare Buzau/Moldosin Vaslui	Romania/Romania		state sells stake in polyester yarns and derivatives		acq		€1.6m
Credit Lyonnais/Rhodia	France/France			Aventis cuts stake to 15%			10%
Crompton/Basell	US/Germany	Interloy business assets and non-exclusive global rights		to Basell's Hivalloy technology
Cytec Industries/Avecia	US/UK	metal extraction products, and intermediates	acq	$97m		and stabilisers businesses
Degussa/Ausimont	Germany/Italy			persalts and hydrogen peroxide businesses in Bussi, Italy			acq
Degussa/Midwest Lysine	Germany/US			l-lysine			50% to 100%
Degussa/Schwenk Zement	Germany/Germany			construction chemicals			acq
Degussa/Shionogi	Germany/Japan			precipitated silica, silica gel and matting agents in Japan			51:49 jv
Deutsche Beteiligungs and Harvest Partners/	Germany and US/Netherlands		impregnated papers and foils business		acq		€114mCasco Impregnated Papers
DiasSys Diagnostic/Merck KgaA	Germany/Germany			clinical chemistry			acq
Dor Chemicals/Trespaphan/Moplefan/	Israel/Germany/Belgium/	polypropylene films	merger		Shorko Australia (Treofan Films)	Australia
Dow Chemical/Celanese	US/Germany			US acrylates activities			acq
DSM/Chiralix	Netherlands/Netherlands			drug development			25%
DSM/National Starch & Chemical	Netherlands/UK			Plasticoat food coating business			acq
Dunedin Capital Partners/Hickson & Welch	UK/UK		organic chemicals		acq		$34m
Edison/BP/Solvay	Italy/UK/Belgium	construction of LNG terminal and expansion of	jv			ethylene terminal in Rosignano, Italy
Eka Chemicals/	Sweden/Chile		construction of chlorate plant in Chile		jv		Celulosa Arauco y Constitucion (Eka Chile)
Electra/Azelis	UK/Italy		distribution		57%		€45m
Estech/ExxonMobil	Germany/US			synthetic polyol ester-based refrigeration lubricants			acq
Francisco Moreno/Poliseda	Spain/Spain			Radici sells Spanish fibres producer			acq
Frutarom/Emil Flachsmann	Israel/Switzerland			food and pharmaceutical ingredients			acq
Frutarom/Rayner	Israel/UK		industrial flavours and fragrances		acq		$2m
Galen Holdings/Pfizer	UK/US		oral contraceptives and hormone replacement therapy		acq		$359m
Genencor International/Rhodia	US/France		brewing and enzyme business		acq		$9.4m
General Electric/Amersham	US/UK			diagnostic imaging and life sciences			acq
Genzyme/Cambridge Antibody Technology	US/UK		biotechnology		11%		$37.3m
Givaudan/International Bioflavors	Switzerland/US		savoury flavours		acq		$21m
Grace Bauprodukte/Tricosal Beton-Chemie	Germany/Germany			speciality chemicals			acq
Gurit-Heberlein/Wetzel	Switzerland/Germany			fibre technology			acq
H&R Wasag/BP	Germany/UK			special products			acq
Hankkija-Maatalous/Movere	Norway/Finland			agricultural logistics			33.30%
Henkel/Collano	Germany/Switzerland			hotmelt activities used in hygiene products			acq
Honeywell/BASF	US/Germany			US and China nylon fibres activities			acq
Hoyer/Abram De Haan	Germany/Netherlands			distribution			acq
Hoyer/Shanghai JY	Germany/China			transport of hazardous cargo			jv(Shanghai Hoyer Sinobulk Transport)
Huntsman/ICI	US/UK		petrochemicals		30%		$315m
Hydro Agri/Kaltenbach-Thuring	Norway/France			process technology			acq
Hydro Polymers/Polymer Trading	UK/France			buys out partner in PVC sales venture			to 100%
Hydro Polymers/PolyOne	UK/US			European Easy Flow vinyl compounding business			acq
Inabata & partners/	Japan/UK		nitrocellulose		acq		Nitrocellulose and Energetic Technologies
Industrie Generali/Hekmataneh Industries	Italy/Iran/Iran		PVC project in Hamedan, Iran		10:57:33 jv		Petrochemical/National Petrochemical
Ineos/Methanova	Belgium/Germany			Degussa sells methanol derivatives business			acq
Investors/Thermphos	Kazakhstan/Netherlands			phosphorus chemicals			acq
Iosif Ioan/Bicapa Tarnaveni	Romania/Romania		APAPS sells stake in chemicals producer		96%		€7.8m
Jarvis Porter/European Colour	UK/UK			printing			<30%
JGP Perrite/BASF	UK/Germany			Ronfalin trademark for ABS			acq
John T Essberger/Vopak	Germany/Netherlands	chemical tanker fleet	acq	€100-					110m
Kanesho Soil Treatment/BASF	Belgium/Germany		soil treatment		acq		€65m
Kao Corp/Cognis	Japan/Germany		aroma chemicals and fragrance compounds		acq		€36m
Kemira Kemi/Anox	Sweden/Sweden	development and marketing of complete	jv			biochemical water treatment solutions
Kemira/Kemiron	Finland/US			water treatment chemicals			45% to 60%
Kemira/Kemwater (Yixing)	Finland/China			water treatment chemicals			to 100%
Kemira/Klebstoffwerke Collodin	Finland/Germany			pulp and paper chemicals			acq
Kemira/Rhodia	Finland/France			industrial additives			acq
Kemira/Vulcan Materials	Finland/US		pulp and paper chemicals		acq		$43.5m
Kömmerling/Chemetall	Germany/Germany			glass sealants and casting resins			acq
Linde/Sonatrach (Helison Production)	Germany/Algeria			construction and operation of a helium plant in Algeria			jv
LTB Textil Group/Corapet Corabia	Romania/Romania		APAPS sells stake in polyester fibres manufacturer		80.30%		€2.06m
Lukoil/Technip-Coflexip	Russia/France			projects in Russia and the CIS			50:50 jv
LycoRed Natural Products/Nutriblend	Israel/UK			Merck sells nutritional supplements business			acq
Makhteshim-Agan/Bayer CropScience	Israel/Germany		crop protection products		acq		$52.7m
Makhteshim-Agan/Firmenich (InnovAroma)	Israel/Switzerland	development, manufacture and distribution of fragrance	jv				materials to cosmetics, detergents, food and drink industries
Matlin-Patterson/Vantico	US/Switzerland			epoxy resins			acq(Huntsman Advanced Materials)
MBO/PKN Orlen	Poland/Poland			three maintenance and service subsidiaries			acq
Messer Griesheim/Sauerstoffwerk Lenzburg	Germany/Germany			industrial gases			49.5% to 100%
MetaGen/Astex Technology	Germany/UK			biotechnology			merger
M-I/Dynea International	US/Finland		oilfield chemicals		acq		€76m
MOL/INA	Hungary/Croatia		oil and gas		25%		$505m
Nanaa Hasan/Terom Iasi	Romania/Romania	APAPS sells stake in polymer and	94.60%	$5.71m			polyester fibres manufacturer
NIB Capital Private Equity/UCB	Netherlands/Belgium			methylamines and derivatives			acq
Nippon Gohsei/British Traders	Japan/UK			distribution of Nippon Gohsei products in Europe and the UK			to 100%
Nordic Storage/Statoil	Sweden/Norway			tank terminal in Sweden			acq
Novartis/Pfizer	Switzerland/US			incontinence drug Enablex			acq
Odfjell/Korea Petrochemical Industry	Norway/Korea			chemical tank terminal in Onsan, South Korea			50%
One Equity Partners/LBC Group	US/France			bulk liquid storage			acq
Owens Corning/Saint-Gobain	US/France			construction of glass fibre composite plant			jv
PCS XXI Inversiones Bursatiles/	Spain/Spain		polyethylene terephthalate		13.70%		$8.8mLa Seda de Barcelona
Pergo/Witex	Sweden/Germany	flooring	74.9% to	€27.5m			100%
Perstorp/Hansol Chemience (Hansol Perstorp)	Sweden/South Korea			trimethylolpropane			51:49 jv
Perstorp/Koei (Koei-Perstorp)	Sweden/Japan			polyols sales and distribution			40:60 jv
PKN Orlen/Energo	Poland/Poland		energy installations subsidiary		25%		$26 000
Plexiglas/Unichem/ZAO Orgsteklo JSC	Germany/Russia/Russia			production of polymethyl methacrylate in Russia			jv
PQ Europe/Rhodia	Netherlands/France			silicates business in Italy			acq
Procter & Gamble/Wella	US/Germany		cosmetics and fragrances		acq		€3.2bn
Quaker Chemical/KS Chemie	US/Germany	cleaners/wet temper fluids and products used in the	acq		steel industry
Quimigal/Elnosa	Portugal/Spain			Ence sells stake in chemicals unit			50% to 100%
Red Mountain/LII Europe	US/Germany			LaRoche Industries sells chlor-akali subsidiary			acq
Reederei Jaegers/Chemgas	Germany/Netherlands			Vopak's gas shipping activities			acq
Reilly Industries/Degussa	US/Germany			vitamin B3 business			acq
Repsol YPF/Syntroleum	Spain/US			Gas-to-liquids projects in Bolivia			jv
Rhodia/Albemarle	France/US			phosphorus-based polyurethane flame retardants			acq
Roche/Igen International	Switzerland/US		biopharmaceuticals		acq		$1.4bn
Sabic and Süd-Chemie/Scientific Design	Saudi Arabia/Germany/US			Linde sells process technology company			acq
Sabic EuroPetrochemicals/StaMax	Netherlands/Belgium			Owens Corning sells share in PP composite company			50% to 100%
Saratoga Partners/Sericol	US/UK		BP sells speciality printing inks business		acq		$119m
Sasol Polymers Germany/	Germany/Iran	construction and operation of the 9th	50:50 jv	National Petrochemical		olefin complex in Assaluyeh, Iran
Schenker/Beijing International Technology	Germany/China		logistics		70:30 jv		Cooperation Centre (Schenker BITCC Logistics)
Schumann Sasol/Dynea Moers	Germany/Germany			Dynea sells paraffin emulsions subsidiary			acq
SembCorp Utilities/Enron Teesside Operations	Singapore/UK		utilities		acq		$131m
Shell/Qatar Petroleum	UK/Qatar			gas-to-liquids projectin Ras Laffan, Qatar			jv
Shin-Etsu Chemical/Clariant	Japan/Germany		cellulose ethers		acq		€241m
Siegfried/Alpha Bioverfahrenstechnik	Switzerland/Germany			biotechnology			75%
Siena Investments/Chemicals	Netherlands/UK		Royal Vopak sells stake in tank storage company		50%		and Oil Storage Management
SigmaKalon/Samsung Fine Chemicals	Netherlands/South Korea			coatings			60:40 jv
Sika/Tivoli Klebstoffe	Switzerland/Germany		adhesives		49% to 100%		$45m
Solvay/Nikos (Soligran)	Belgium/Russia			polyvinyl chloride compounds			50:50 jv
Solvin Italy/GRP	Italy/Switzerland		PVC transportation from northern Europe to Italy		jv		(Solvin Italia Railway Intermodal Operations)
Soros Private Equity Partners/PolymerLatex	US/Germany		latex products		acq		€235m
Stepan/Pentagon Chemical Specialties	US/UK			detergent and cleaning biocide product lines			acq
Süd-Chemie/Liaoning Redhill Volclay	Germany/China			bentonite processing			acq
Syngenta/Diversa	Switzerland/US			drug development			12.6% to >18%
Tchibo and consortium/Beiersdorf	Germany/Germany		personal care products		40%		€4.4bn
Teekay Shipping/Navion	Canada/Norway		Statoil sells shipping business		acq		$800m
Tender Timisoara/Carom Onesti	Romania/Romania			APAPS sells stake in synthetic rubber manufacture			51%
Teva/Sicor	Israel/US		generic drugs		acq		$3.4bn
Trelleborg/Smiths Group	Sweden/UK		polymer sealing solutions				$807m
UCB/Solutia	Belgium/US		resins, additives and adhesives		acq		$500m
Uhde/Chemgineering	Germany/Switzerland			technology consulting and engineering services			stake
Umicore/OMG	Belgium/US		precious metals		acq		$752m
Undisclosed/Chemgas	Unknown/Netherlands			Vopak's gas shipping activities			acq
Unipex/Interchemical and Chimiray	France/France			two distribution companies			acq
Uralita/Aragonesas	Spain/Spain			chemicals			11.3% to 100%
US Amines/Celanese Chemicals	US/Germany			global allylamines and US alkylamines businesses			acq
VCP Industrie Beteiligungen/MOL	Austria/Hungary			petrochemicals			2.82%
Vektra M/Zupa	Serbia/Serbia			production of sulphate, pesticides and potassium			70%
Vopak/Dow Chemical	Netherlands/US			tank terminal in California, US			acq
Vopak/HCI/Brenntag	Netherlands/South America			terminals in Venezuela and Colombia			acq
Vopak/Sepressa	Netherlands/Ecuador			HCI/Brenntag's share in terminal			50%
Wihuri/Walothen	Finland/Germany			Bayer's PP films subsidiary			acq
Xenova/KS Biomedix	UK/UK		biotechnology		acq		$14m
Yukos/Sibneft (YukosSibneft Oil)	Russia/Russia			oil and petrochemicals			merger
Zimmer/Fleissner	Germany/Germany			staple fibre contractor			acq
Zorlu Petrogas/Sanko Kimya	Turkey/Turkey			textiles			48.70%

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