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.
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections