08 January 2010 20:55 [Source: ICIS news]
HOUSTON (ICIS news)--Dow Chemical on Friday said it was continuing to explore divestment options for spin-off company Styron, a day after a report surfaced that South Korean conglomerate Lotte Group was considering acquiring a controlling stake.
According to Dow Jones, Lotte is one of up to eight bidders shortlisted after a preliminary bidding last year. The report estimated that the deal was worth $1bn-2bn (€700m-1.4bn) for Styron, comprised of Dow’s styrenics and aromatics businesses.
A Lotte official said the company had yet to make a final decision, according to the report.
Dow spokesman David Winder said his company would have more to say on a potential Styron divestment “later in the process”.
Dow previously said it expected to close the Styron sale in the first quarter.
($1 = €0.70)
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