Candidates for French KEM ONE SAS acquisition granted more time

09 September 2013 17:41  [Source: ICIS news]

LONDON (ICIS)--Candidates interested in acquiring KEM ONE SAS, the upstream business of French vinyls producer KEM ONE, have been granted extra time to formalise offers, the office of the prefect of Rhone said on Monday.

The deadline for the offers was scheduled to expire on Monday 9 September at 17:00 GMT, but an unspecified amount of additional time was awarded to candidates to prepare propositions for sustainable ownership that would be considered by the Commercial Court of Lyon on 26 September, it added.

KEM ONE SAS was placed into receivership in March after industrial investor Klesch Group decided 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).

KEM ONE SAS’s receiver, Maitre Bruno Sapin, in June 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.

Earlier on Monday, around 100 of the company's 1,300 employees filed silently through Lyon wearing black armbands and work helmets in a protest at the jobs threatened by the difficulties at the firm.

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.

By: Will Conroy
+44 20 8652 3214

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