(BUSINESS WIRE) – CF Industries Holdings, Inc. and OCI N.V. today announced that both companies remain fully committed to pursuing a combination of CF with OCI’s European, North American and global distribution businesses due to its strong industrial logic, significant expected synergies and value creation potential for shareholders.
The companies are jointly evaluating options to address the impact of the notice by the U.S. Department of the Treasury, issued on November 19, 2015, on the previously-announced combination. This evaluation includes exploring alternative structures for the combination, such as using a parent company in The Netherlands rather than one in the United Kingdom, to accommodate the requirements of the Treasury notice. Any agreement with respect to such new structure will require the approval of each company’s board of directors and shareholders.
Source: CF Industries Holdings, Inc.
The separation is expected to be completed by early Q3, following the receipt of all relevant approvals, including final Board approval. Nouryon intends to reduce its own debt with proceeds received from a planned external financing by Nobian.
Trinseo became a producer of the resin when it acquired Arkema’s PMMA business. It announced that it closed on the €1.14bn deal earlier this month.
As part of the EU’s Single-Use Plastic Directive (SUPD), it will become mandatory for caps and lids to remain attached to all beverage containers up to three liters in capacity from 2024.