17 June 2013 13:09 [Source: ICIS news]
LONDON (ICIS)--Seven potential bidders have emerged for KEM ONE SAS, the upstream business of French vinyls producer KEM ONE, the company’s receiver said on Monday.
Seven letters of interest had been submitted for the company - which was put into receivership in March – by 14 June, the end of the period designated by the tribunal of Lyon Commercial court for offers to be placed by the business.
KEM ONE SAS’s receiver now intends to request that the deadline be extended to allow prospective bidders an opportunity to develop formal acquisition offers, the company said in a statement.
According to KEM ONE SAS’s receiver, Maitre Bruno Sapin, three of the potential bidders are investment funds, while one is an industrial group and two are private investors. The final proposition was from one of KEM ONE’s unions, Sapin added, which has requested a time extension to finalise its bid.
All expressions of interest, apart from that of one of the private investors, are preliminary at this stage, Sapin added. KEM ONE is currently owned by industrial investor the Klesch Group, which acquired it from French specialty chemicals company Arkema.
An acquisition of the company, which employs 1,300 people, would include its headquarters in Lyon, France, as will as seven industrial sites in Balan, Saint-Fons, Saint-Auban, Berre, For-sur-Mer, Lavera and Vauvert.
The company's performance has improved over the last few months, and production has returned to normal levels at all of its plants, the company added.
KEM ONE SAS was placed into receivership following the Klesch Group’s decision to split the upstream and downstream parts of the business into separate, entities, a move that was criticised by Arkema and union Confederation Francaise Democratique du Travail (CFDT).
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