Solvay Agrees Polyamide Disposals to Pave Way for BASF Deal
August 14 2019 - 11:03AM
Dow Jones News
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)
Copyright (c) 2019 Dow Jones & Company, Inc.
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