Russia's Sibur completes BOPP takeover

07 July 2010 16:30  [Source: ICIS news]

MOSCOW (ICIS news)--Russia's petrochemical holding company Sibur has finalised a deal to acquire a 50% stake in Biaxplen, Ltd., a major Russian producer of biaxially oriented polypropylene film (BOPP), Sibur said in a statement on Wednesday.

Sibur said it had reached an out-of-court settlement with Biaxplen’s former owner, Vladimir Borodavkin, that allowed a downward revision of the takeover price. However, the company did not disclose any further details.

In December 2009, Sibur announced a deal to take over a 50% stake in Biaxplen, which controls three BOPP plants in the  Kursk, Moscow and Nizhny Novgorod regions of Russia. These three BOPP plants have a total capacity of 87,000 tonnes/year, and combined annual sales of about €90m ($114).

($1 = €0.79)

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By: Sergei Blagov
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