Sika said its acquisition of MBCC Group, the former BASF Construction Chemicals business, is expected to be completed later than expected after Britain’s Competition and Markets Authority decided to conduct an in-depth examination of the market.
The closing of the 5.5 billion Swiss franc ($5.77 billion)deal is now targeted for the first half of 2023, rather than the previously expected end of 2022, Sika said on Wednesday.
“The adapted timeline will not impact the strategic attractiveness of the transaction,” Sika CEO Thomas Hasler said in a statement.
“It remains highly accretive, and our expectation that it will generate annual synergies of 160–180 million francs is unchanged.”
The Swiss construction chemicals company agreed to buy MBCC from an affiliate of private equity firm Lone Star Funds last November to boost its position in sustainable building. read more
The company has already received unconditional regulatory approval for the deal from a number of countries, including Japan, China, Brazil, South Africa, Saudi Arabia, Turkey, and Thailand, Hasler said.
“For a transaction of this magnitude a detailed analysis is not unusual,” he said.
INEOS Styrolution, the global leader in styrenics, has today announced the official opening of a new world-scale ABS facility located in Ningbo, China, together with its joint venture partner SINOPEC. The facility has an annual nameplate capacity of 600,000 tonnes.
The merger of Röhm’s Acrylic Products business unit and SABIC’s Functional Forms business has resulted in the formation of Polyvantis. This new company will offer extruded products in the forms film, sheet, pipe and rod for markets that include building and construction, transportation and aviation, electrical and electronics, automotive and home and garden.
Abu Dhabi National Oil Co. (Adnoc) is considering plans to acquire upstream oil and gas company Wintershall DEA, an affiliate of BASF SE, according to a Bloomberg report citing people with knowledge of the matter. A deal to acquire Wintershall DEA could be worth more than €10 billion, the report said. BASF and Adnoc declined to comment on the report.