Mitsubishi remains on target for Lucite acquisition

06 March 2009 21:22  [Source: ICIS news]

HOUSTON (ICIS news)--Japan’s Mitsubishi Rayon (MRC) is on target to complete the acquisition of UK-based specialty chemical-maker Lucite by the end of March, the company said on Friday.

"We have received the necessary antitrust [anti-monopoly] approvals from almost all relevant authorities, with one exception, where the review is still progressing," MRC said in a letter to its shareholders.

MRC did not immediately respond to a request for comment from ICIS news. 

MRC said it would like to complete the acquisition and consolidate the assets and liabilities of Lucite into its balance sheet for the business year ending 31 March.

MRC will become the world's biggest methyl methacrylate (MMA) producer by capacity after the purchase of Lucite in a $1.6bn (€1.3bn) deal, according to market sources.

($1 = €0.80)

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