German LANXESS CEO Heitmann rules out merger with Evonik

17 February 2012 19:09  [Source: ICIS news]

LONDON (ICIS)--The CEO of Germany-based chemicals firm LANXESS is ruling out suggestions that his firm should merge with specialty chemicals producer Evonik, he said on Friday.

A leading politician in LANXESS' home state of North Rhine-Westphalia recently suggested that RAG-Stiftung, a government-controlled coal foundation which holds the majority in Evonik, should initiate a merger with LANXESS to create a big specialty chemicals group.

However, in an interview with German business daily Financial Times Deutschland, LANXESS CEO Axel Heitmann rejected the idea.

“To be quite clear: We do not want this, and we do not think this is something that is worth pursuing,” Heitmann said.

Heitmann said LANXESS would drive its growth organically, and possibly through a smaller acquisition of about €1bn ($1.3bn).

LANXESS was reported to be interested in Belgium-based global alkylamines producer Taminco, before private equity firm CVC sold that firm last for €1.1bn to Apollo, another private equity firm. CVC, incidentally, holds a minority stake in Evonik.

($1 = €0.76)

By: Stefan Baumgarten
+1 713 525 2653

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