Court hears of eight parties interested in acquiring KEM ONE SAS

09 July 2013 14:31  [Source: ICIS news]

LONDON (ICIS)--The Commercial Court of Lyon on Tuesday was informed that eight parties have submitted letters of interest to acquire KEM ONE SAS, the upstream business of French vinyls producer KEM ONE, the company said.

KEM ONE SAS was placed into receivership in March following the decision by industrial investor Klesch Group’s to split the upstream and downstream parts of the business into separate, entities, a move that was criticised by French specialty chemicals company Arkema, the former owner of KEM ONE, and union Confederation Francaise Democratique du Travail (CFDT).

The Court has extended the deadline for firm offers to be placed by an two additional months to allow potential buyers time to draw up formal acquisition offers, KEM ONE added.

“The proposals are considered serious and, at the request of the candidates, the Court has agreed to extend the deadline for firm offers,” KEM ONE said.

“The detailed offers must be received by 9 September at the latest, and will be examined at a further Court hearing to be held on 26 September 2013. This extension to the deadline was allowed in view of the fact that the company’s activities continue to be backed throughout the observation period,” it added.

KEM ONE SAS’s receiver, Maitre Bruno Sapin, last month announced that seven letters of interest had been submitted for the company by 14 June, the end of the period designated by the Court for offers to be placed.

An acquisition of the company, which employs 1,300 people, would include its headquarters in Lyon, France, as well as seven industrial sites in Balan, Saint-Fons, Saint-Auban, Berre, For-sur-Mer, Lavera and Vauvert.

KEM ONE said its management remains “fully committed to answering all requests for further information from the potential purchasers, with the help of its partners and active support from the French government.

“These two additional months will be used by all parties involved in the sale of KEM ONE to build a sustainable solution for the company,” it added.

($1 = €0.78)

Additional reporting by Tom Brown

By: Franco Capaldo
+44 (0)20 8652 3214

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