Mexichem makes unsolicited bid for PVC pipe maker Wavin

22 November 2011 14:28  [Source: ICIS news]

LONDON (ICIS)--Mexichem has made an unsolicited bid for polyvinyl chloride (PVC) pipe maker Wavin, officials from the Dutch company said on Tuesday.

Mexichem submitted an “unsolicited indicative non-binding proposal” to acquire all of Wavin’s outstanding shares, Wavin said in a statement that did not disclose financial details.

Wavin’s share price was up by 61% to €6.37/share ($8.61/share) on Amsterdam's Euronext stock exchange at 14:00 hours Amsterdam time.

Wavin said it would “carefully consider” Mexichem’s proposal and added that it had hired Bank of America Merrill Lynch as a financial advisor.

Wavin is a supplier of plastic pipe systems. It has 18 manufacturing site in Europe and one in China. The company employs a staff of 6,400 and had revenues of more than €1.2bn last year.

($1 = €0.74)

For more on Mexichem and other producers, visit ICIS company intelligence

By: Stefan Baumgarten
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