Mexico's Hidafa ups stake in Spain's Sniace to 24.8%
22 September 2005 12:48 [Source: ICIS news]
MADRID (ICIS news)--Mexican investment concern Hidafa has bought an additional 14.9% in expansionist Spanish chemicals firm Sniace, increasing its shareholding to 24.8%.
In a statement filed late Wednesday with Spanish Stock Market Watchdog Comision Nacional de Valores (CNMV), Hidafa, owned by Mexican entrepreneurial family Gomez Sainz, said it bought 6m Sniace shares for Euro16.3m ($20m).
Earlier this week, Hidafa purchased a 9.9% stake in Sniace, becoming its biggest single shareholder.
Sniace, which makes cellulose and fibres such as polyamide-6, is growing aggressively in the Spanish bioefuels market and has signed a joint venture with Spanish power utility Iberdrola to build a bioethanol and animal foods plant in Zamora, Spain.
Hidafa did not explain the reasons for its enthusiastic buying in Sniace. Spanish Analysts speculated that the Mexican family may pursue a gradual takeover of the company.
By: Ivan Castano Freeman
+44 20 8652 3214
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 |
Related Articles
- 03 Feb 06 17:42 Sniace to build bioethanol plant in Poland
- 16 Nov 05 15:35 Spain's Sniace Jan-Sep net soar on asset sales
- 28 Oct 05 18:11 Spain's Sniace to shut Torrelavega polyamide plant
- 20 Sep 05 14:08 Mexican investors buy 10% of Spanish Sniace
- 29 Jun 05 18:38 Spain's Sniace appoints Elecnor to build bioethanol plant
- 17 May 05 13:44 Spain's Sniace doubles Q1 EBITDA to Euro758,000 on higher fibre prices
- 01 Mar 05 18:42 Spain's Sniace cuts '04 losses 87% on higher fibre prices
- 27 Oct 04 09:27 Spanish fibres maker Sniace wins EU appeal over state aid
Latest News
- 18 May 13 00:01 Indiana pulls nitrogen plant funding over fears about explosives
- 17 May 13 23:59 Europe May EO contracts fall in line with ethylene decrease
- 17 May 13 23:59 Europe May DMT reference prices roll over in line with feedstocks
- 17 May 13 23:59 Europe May purified terephthalic acid contract prices roll over
- 17 May 13 23:59 Europe May MMA contract prices dip on softer market fundamentals