Sector News

Hanwha Chemical drops review of buying Dow Chemical chlorine biz

December 1, 2014
Energy & Chemical Value Chain
(Reuters) – South Korea’s Hanwha Chemical is no longer considering buying parts of Dow Chemical’s chloro-alkali business, a spokesman for Hanwha Group said on Monday.
 
South Korea’s Hanwha Chemical had picked Credit Suisse to advise on possible purchases from Dow Chemical’s chloro-alkali business but its interest is still in the early stages, Hanwha said earlier this year.
 
Hanwha Chemical and two group affiliates said it will buy stakes in Samsung Group’s four chemical and defence firms for 1.9 trillion won ($1.72 billion) last week.
 
The Hanwha spokesman said the stake purchases in Samsung firms are expected to boost its petrochemical business, no longer making it necessary to consider Dow Chemical’s businesses.
 
(Reporting by Joyce Lee; Editing by Michael Perry)

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