Saudi Arabia’s Sahara Petrochemicals plans to resume merger talks with Saudi International Petrochemical Co (Sipchem), nearly four years since the negotiations were stalled.
Sahara, in a filing to the Saudi Stock Exchange or Tadawul late on Tuesday, said that discussions will be re-opened “in light of recent changes in the regulatory framework”. No further details were provided.
The two companies postponed in June 2014 their merger talks, which were in advanced stages as of late October 2013.
Sahara said that “implementing the proposed merger through a structure acceptable to both companies and available under the regulatory framework at that time was difficult”.
In December 2013, the two companies signed a memorandum of understanding (MOU), under which Sipchem would issue 0.685 new shares for every one outstanding Sahara share. This meant an issuance of 300.6m new Sipchem shares in exchange for all the issued shares of Sahara.
Manufacturing operations of Sipchem and Sahara Petrochemicals in Saudi Arabia are mostly based in Jubail.
Sipchem manufactures and markets 2.2m tonnes of petrochemicals, while Sahara Petrochemicals has nine petrochemical affiliates, including include Al-Waha Petrochemicals (75%-owned), which produces propylene and polypropylene (PP), based on information available on the companies’ websites.
By Pearl Bantillo
Source: ICIS News
Eastman is investing up to US$1 billion in building what it says is the world’s largest molecular plastics recycling facility in France. The new facility would use Eastman’s polyester renewal technology to recycle up to 160,000 metric tons of hard-to-recycle plastic waste annually – enough plastic waste to fill Stade de France national football stadium 2.5 times.
Korean battery maker LG Energy Solution has opened the books to investors to raise up to $10.8 billion in the country’s largest initial public offering (IPO), according to a term sheet seen by Reuters. The shares will be sold in a price range of 257,000 won to 300,000 won ($216.19-$252.36) apiece to raise between $9.2 billion and $10.8 billion, the term sheet showed.
The SHYNE (Spanish Hydrogen Network) project is the largest multisectoral consortium in Spain, created to promote the decarbonization of the economy through renewable hydrogen. SHYNE will have a total investment of €3.23 billion euros that will serve to develop more competitive technologies and evolve both the Spanish industry and its infrastructure towards decarbonization, generating more than 13,000 jobs.