Four bids for France's KEM ONE SAS submitted to receiver

11 September 2013 10:24  [Source: ICIS news]

GavelLONDON (ICIS)--The receiver for France's KEM ONE SAS has had four takeover offers for assets of the enterprise, the company said on Wednesday.

Three of the offers for KEM ONE SAS –  the upstream business of vinyls producer KEM ONE – were for the entire company, it added.

The three bids for the whole enterprise were received from an investment fund, an investment company and a trade union, while a private individual had offered to partially take over the company's industrial activities, KEM ONE SAS said.

The Commercial Court of Lyon would be requested to allow the four candidates until 19 September to finalise and formalise their offers, which were submitted by the 9 September deadline set for the receipt of bids, the company added.

In a statement, KEM ONE SAS said: “These projects are all based on a business continuity plan. Both the investment fund and company stress that significant progress has been made with their projects since the month of June but indicate that further work is still required in order to make a firm bid.

"They nonetheless confirm their interest for acquiring the entire KEM ONE [SAS] business. The project proposed by the union also needs finalising and its financing clarifying.”

KEM ONE SAS was placed into receivership in March after industrial investor Klesch Group opted 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 employs 1,300 people at its headquarters in Lyon and at 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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