09 January 2014 09:35 [Source: ICIS news]
SINGAPORE (ICIS)--Belgium’s Solvay said on Thursday its planned divestment of the firm’s majority stake in polyvinyl chloride (PVC) producer Solvay Indupa to Brazil’s Braskem is still ongoing.
Argentina's securities regulator earlier this week rejected Braskem's bid to buy out the minority shareholders of Solvay Indupa, stating that Braskem's proposed tender offer was too low.
“Contrary to what we have been reading in some media reports this week, Solvay confirms that the planned divestment of its 70.59% stake in Solvay Indupa to Brazil's leading chemical producer Braskem is well underway,” Solvay said in a statement.
The success of Braskem’s tender offer to buy the outstanding publically-traded Solvay Indupa shares, a move which is required under Argentinean law, “is not a condition to the divestment of Solvay Indupa to Braskem,” the company said in a statement.
“Braskem is talking to Comision Nacional de Valores (CNV) [Argentinean market authority] to understand their decision and to set a new price,” it said.
“In the meantime, anti-trust filings are being made as planned in Brazil and Argentina,” it added.
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