ENI (Rome), Italy’s energy major, has confirmed that it is looking for options for its chemicals subsidiary Versalis (Milan).
Responding to media reports that ENI is planning to sell the unit, Claudio Descalzi, ENI CEO said, “We are looking for a joint venture to extract value from the business.” Bloomberg, citing sources familiar with the matter, reported earlier this week that ENI is working with Barclays on a potential sale of Versalis, which may raise €1 billion ($1.1 billion). Several private equity firms may be interested in bidding for the unit, it said.
Versalis has achieved a major turnaround since its creation some three years ago. The restructuring includes reducing petrochemicals capacity in Italy and the United Kingdom, converting some of its assets to biobased chemicals, and a significant push into Asia. The company is now profitable and plans to complete its transformation as soon as possible. Versalis in the first half of last year lost €182 million and in the first six months of 2015 made a profit of €95 million.
By Natasha Alperowicz
Source: Chemical Week
PepsiCo Europe and crop nutrition company Yara have announced a long-term partnership aimed at providing European farmers with low-carbon crop nutrition solutions to help decarbonise the food value chain. Under the agreement, Yara will supply PepsiCo with up to 165,000 tons of fertiliser per year by 2030, covering around 25% of the food and beverage giant’s crop fertiliser needs across Europe.
BASF has signed an agreement to sell its flocculants business for mining applications to Solenis, a specialty chemicals manufacturer. The divestment of the flocculants business to Solenis is part of BASF’s ongoing portfolio optimisation with the aim of focusing on strategic core areas.
ADAMA Ltd. a leading crop protection company, announced that its board of directors has appointed Gaël Hili as its President and Chief Executive Officer, effective October 1, 2024. Hili will join the Syngenta Group Leadership Team and will be based in Tel Aviv.
