10 July 2006 00:00 [Source: ICB]
Gases and engineering group, Linde, will issue a €1.05bn hybrid bond – likely to be split between a euro and a sterling tranche – as part of the financing packaging for its £8.2bn takeover of BOC. The group is also conducting a €1.8bn rights issue (ICIS Chemical Business 3–9 July) and will sell or float its materialhandling business.
The German fertiliser and salts group Kali und Salz (K+S) said last week that it had concluded the acquisition of Chilean salts producer Sociedad Punta de Lobos (SPL). K+S has bought 99.3% of the company for just under €385m, with the price coming to €365m after deducting acquired debts previously held by SPL.
Cytec Industries will permanently close its polymer additive light stabiliser production at its plant in Botlek, Netherlands, resulting in 65 job losses. Cytec said the market for the two products had been deteriorating. Cyasorb UV-5411 light stabiliser production will be concentrated at Willow Island, West Virginia, US. Cyasorb UV-1084 light stabiliser production will stop by the end of the third quarter.
Degussa has completed the sale of its construction chemicals business to compatriot BASF for €2.2bn. BASF will be assuming more than €400m of debt, valuing the deal at more than €2.8bn, added Degussa.
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