Shell and BASF complete sale of Basell to Nell Acquisition

01 August 2005 12:42  [Source: ICIS news]

LONDON (CNI)--BASF and Shell Chemicals said on Monday they have completed the sale of polyolefins producer Basell to Nell Acquisition, an affiliate of Access Industries.

 

Agreement was reached in May to sell Basell for Euro4.4bn (about $5.34bn) including debt to financial buyers Access Industries and the Chatterjee Group. The latter pulled out of the deal in early July, leaving Nell Acquisition as the sole new shareholder of Basell.

 

Nell will finance the acquisition, the largest chemicals industry leveraged buy-out to date, through a combination of around 80% debt and 20% equity.

 

The company intends to substantially refinance all of Basell’s debts, except certain limited bilateral arrangements and Basell’s 8.1% notes due in 2027.

 

Basell is the world's largest producer of polypropylene (PP) and a leading supplier of polyethylene (PE) and catalysts. It had total sales last year of Euro6.7bn. Basell has operations in 21 countries, sales in more than 120 countries and 6,600 employees.


By: Hilde Ovrebekk
+44 20 8652 3214



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