UpdateBasell targets BASF's styrenics unit - report

24 August 2007 14:54  [Source: ICIS news]

(Adds statement from Basell in paragraph 2)

 

TORONTO (ICIS news)--Basell is negotiating to buy the styrenics assets BASF put up for sale last month, according to a German press report on Friday.

 

A media official at Basell refused to comment on the reports.

 

The Financial Times Deutschland reported that Basell has been negotiating for some time with Germany's BASF to buy its styrenics operations, which have annual sales of about €3.2bn ($4.3bn)

 

Both companies remained interested but had not been able to agree on price and terms, the paper said, adding that the current global credit crisis was making the financing of large acquisitions more difficult.

 

Analysts had earlier identified Basell as one likely bidder for the assets, along with Saudi Basic Industries Corp (SABIC) and the UK’s INEOS.

 

Basell was until 2005 a polyolefins joint venture between BASF and Shell before it was taken over by Russian billionaire Len Blavatnik’s Access Industries.

 

Access recently acquired US refining and petrochemicals firm Lyondell.

 

($1 = €0.74)

By: Stefan Baumgarten
+1 713 525 2653

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