Archive | October, 2009

Two businessmen shaking hands, close-up

Arkema a good fit for Solvay?

Could Belgian chemical group Solvay be interested in a bid for French rival Arkema? There are certainly some excellent potential synergies, especially in the fluorochemicals and chlor-alkali chain.Solvay recently agreed to sell its pharma division for E4.5bn to Abbott, giving Solvay net liquidity of E2.5bn according to some estimates. Analysts told ICIS news recently that […]

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Businessman and woman looking at diagram mounted on frosted glass

OMV to control Nova Chemicals

Austrian oil and chemicals group OMV is to intervene in the strategic planning and operation of Canada’s Nova Chemical, following its acquisition earlier this year by Abu Dhabi’s International Petroleum Investment Co (IPIC).IPIC is a partner with OMV in Austria-based plastics major Borealis and also holds a direct stake in OMV. NOVA was acquired in […]

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Akzo Nobel results allow cautious optimism

Dutch coatings group Akzo Nobel produced third quarter results today which were above analysts expectations.Martin Evans of Cazenove analysts said in a note: “A good result, above consensus – with stabilisation continuing, and cost savings helping, although the recovery remains “fragile”. End market demand for paints, coatings and chemicals remains mixed, although Asia and Latin […]

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Yet another Wilton, Teesside rescue plan?

Former Synetix (bought by Johnson Matthey in 2001) boss Bob Coxon, who heads up the North-east Science and Industry Council, is to conduct a review of the options for the Wilton, Teesside chemical complex.The blog wonders if there are simply too many well-meaning public, semi-public and private groups vying to find a solution for the […]

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close-up of the flag of Ukraine

IMF bailout good news for Ukraine

Ukraine is to receive a $3.4bn International Monetary Fund payment in November. This will help shore up the country’s ailing finances, including a huge budget deficit. Ukraine has been hit hard by collapsing demand for export such as steel. Its chemical sector has also suffered as domestic and regional sales collapsed in the wake of […]

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Dole Queue

Chemical industry poised for recovery in Central and Eastern Europe

Survival is the name of the game for Central and East Europe’s (CEE) chemical industry over the next few years. Huge challenges remain:- Poor domestic and regional economic growth- Lack of state intervention to shore up economic recovery: many countries have no resources to do so as they are nearly bankrupt- No state money to […]

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Brentagg CEE marketing video

Just found this very professional Brentagg Central and Eastern Europe(CEE) video. This company must have a very decent marketing budget!

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overlooking the Danube, Budapest

Wanhua gives up BorsodChem takeover battle

Hungary’s BorsodChem has reached an agreement with China’s Wanhua, allowing it a future as a minority shareholder but not to control the company. According to portfolio.hu, it seems Wanhua has given up its intention to squeeze out owner Permira and become a majority owner of the Hungarian company.“After three days of intensive negotiations, the management […]

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Annual general shareholders’ meeting of Gazprom

Gazprom strikes gas deal with China

Russian gas giant Gazprom has signed an initial contract to supply China with natural gas. The news may peturb those chemical companies in central and eastern Europe who are nervous about reliable gas supplies this winter, particularly those who rely on gas flowing through Ukraine.Last winter large parts of the chemical sector in Ukraine and […]

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BorsodChem lenders support independence

Hungary’s PVC producer, BorsodChem, insists that its lenders want private equity owners Permira and Vienna Capital Partners to keep a majority stake in the company.China’s Wanhua Industrial Group has been building a stake in the group by purchasing large amounts of mezzanine or junior debt. A familiar battle for BorsodChem may be brewing (see earlier […]

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