S Korea’s Honam to buy 100% of Malaysia’s Titan for about $1.5bn

16 July 2010 06:13  [Source: ICIS news]

SINGAPORE (ICIS news)--South Korean producer Honam Petrochemical plans to fully acquire major polyethylene producer Titan Chemicals, having signed a deal with the major shareholders of the Malaysian company on Friday.

The company would shell out about $1.5bn for 100% of Titan, marking its first venture into Malaysia, said Honam spokesperson SH Kim.

Honam has bought 73% of Titan from major shareholders, including the Chao Group of Taiwan and Malaysia’s Permodalan Nasional Bhd, Kim said.

The company hopes to complete acquisition of the remaining 27% stake in Titan by the end of November, he added.

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By: Pearl Bantillo
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