Advertisement
News
Advertisement

Clariant To Buy Sued-Chemie For $2.7B

Wed, 02/16/2011 - 5:26am
Manufacturing.net

GENEVA (AP) -- Specialty chemicals maker Clariant AG says it plans to buy German rival Sued-Chemie AG in a deal valued at euro2 billion ($2.7 billion).

The Swiss company says most Sued-Chemie shares will be swapped for Clariant shares.

Clariant said in a statement Wednesday that it will borrow 900 million Swiss francs ($930 million) to finance the deal.

Munich-based Sued-Chemie has 6,500 employees in 40 countries including the United States.

Last year it had a turnover of euro1.23 billion.

Clariant says the takeover must still be approved by competition authorities.

The Swiss firm's shares slumped 12.3 percent to 15.32 francs on the Zurich exchange.

SOURCE

Advertisement

Share this Story

X
You may login with either your assigned username or your e-mail address.
The password field is case sensitive.
Loading