French oil and gas producer Total has started preparations for the sale of its specialty chemicals and equipment division Atotech, which may be valued at about 3 billion euros ($3.4 billion), people familiar with the matter said.
The group is expected to ask Barclays to lead the divestment, the people said, adding that a final mandate has not yet been assigned but was imminent.
The sell side advisor will then help prepare sales documents an auction will likely start after the summer break, they added.
Total and Barclays declined to comment.
($1 = 0.8967 euros)
By Arno Schuetze
Source: Reuters
Under the agreement, Agilyx and Technip Energies will collaborate with INEOS Styrolution and together develop the design and engineering that will serve as the basis for constructing the chemical recycling facility. The group anticipates completion of engineering in 2023, which will form the basis for a financial investment decision.
Michael Grun took over as the new CEO and President of the WeylChem Group of Companies. He was most recently employed as M&A advisor at WeylChem owner International Chemical Investors Group (ICIG). He succeeds Uwe Brunk, who has decided to step down from these functions after four and a half years and will in turn support ICIG in its growth projects in the future.
With this acquisition, Brenntag Essentials expands its business into key focus markets in Asia Pacific, including Singapore, Malaysia, Indonesia, and the Philippines. This is an additional step in Brenntag’s ongoing transformation process, driving its stringent execution of the Brenntag Essentials strategy to strengthen local capabilities and market coverage in high growth markets like Asia-Pacific.
