15 February 2012 17:51 [Source: ICIS news]
HOUSTON (ICIS)--Mexichem has put in place the necessary financing for its €531m ($699m) deal to acquire Dutch polyvinyl chloride (PVC) pipe maker Wavin, the Mexican chemical and petrochemical company said on Wednesday.
Mexichem, which already holds 2% of Wavin’s shares, said it would finance the takeover of the remaining 98% of Wavin shares – valued at around €520m – with cash on its balance sheet and existing committed credit facilities.
“Mexichem has taken all necessary measures to secure the funding of the offer [for Wavin],” it said in a statement.
Wavin agreed to the takeover last week after Mexichem raised its all-cash bid to €10.50/share.
Since last November, when the bid was first disclosed, Wavin had rejected Mexichem’s previous bids of €10.00/share, €9.00/share and €8.50/share.
Mexichem’s deal for Wavin came after its recent acquisitions of INEOS Fluor, Polycid and Plasticos Rex, and of plastics compound producer Alphagary.
Wavin, based in Zwolle near Amsterdam, is a supplier of plastic pipe systems. It has 18 manufacturing sites in Europe and one in ?xml:namespace>
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For more on Mexichem visit ICIS company intelligence
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