US WR Grace loses bidding in business acquisition

24 August 2011 21:09  [Source: ICIS news]

WR Grace facility in Baltimore MarylandHOUSTON (ICIS)--US-based catalyst producer WR Grace's recent loss in the bidding for a business drew no immediate comments from other possible buyers on Wednesday.

Earlier this year, WR Grace was in talks to make what it called a strategic acquisition, one that would significantly improve the company's business plan and growth strategy in the upcoming years, according to court documents.

WR Grace did not elaborate on other details of the possible deal, including whether its catalyst or building-materials division would acquire the business.

On 29 July, WR Grace learned that it was not the successful bidder in the auction.

As company policy, WR Grace does not comment on acquisitions.

If the auction was for a catalyst business, possible bidders could include Albemarle, BASF, INEOS and LyondellBasell, all of which produce catalysts.

Albemarle would not comment on the auction. BASF and LyondellBasell did not immediately respond to requests for comment.

A spokesman for INEOS's North American business was unaware of any acquisitions by the company.

As far as the seller, it could be Dow Chemical.

Earlier this year, sources in the financial community said Dow was trying to sell its licensing and catalyst business.

Dow’s PP catalyst and licensing business includes its UNIPOL, CONSISTA D7000 Donor and SHAC Catalyst process technologies.

Dow did not immediately respond to a request for comment.

Dow's catalyst and licensing business was not included in the $350m (€240m) PP deal with Braskem.

($1 = €0.69)

For more on PP visit ICIS chemical intelligence
For more on BASF, Dow, INEOS or LyondellBasell visit ICIS company intelligence

By: Al Greenwood
+1 713 525 2645

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