Solvay Agrees Polyamide Disposals to Pave Way for BASF Deal

Date : 08/14/2019 @ 4:03PM
Source : Dow Jones News
Stock : BASF AG (BAS)
Quote : 46.895  1.23 (2.69%) @ 4:29PM
BASF share price Chart

Solvay Agrees Polyamide Disposals to Pave Way for BASF Deal

Solvay (EU:SOLB)
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   By Cristina Roca 
 

Solvay SA (SOLB.BT) and BASF SE (BAS.XE) said Wednesday that Solvay will sell some of its assets to Domo Chemicals, clearing the way for BASF to buy the remainder of Solvay's polyamide business.

Divesting Solvay's polyamide production facilities in Europe was one of the European Commission's conditions for approving the deal with BASF.

Domo will buy Solvay's European PA6.6 business, while BASF will acquire all the activities that are not included in the remedy package. BASF said it will pay 1.3 billion euros ($1.45 billion) in cash.

The entire deal is expected to close by the end of 2019, the two companies said.

 

Write to Cristina Roca at cristina.roca@dowjones.com; @_cristinaroca

 

(END) Dow Jones Newswires

August 14, 2019 10:48 ET (14:48 GMT)

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