Westlake Chemical to buy rival Axiall
Texas-based petrochemicals manufacturer Westlake Chemical will purchase rival Axiall, headquartered in Georgia, for $3.8 billion (£2.7 billion). The all-cash transaction has been unanimously approved by both companies’ boards, and is expected to be completed by the end of 2016.
The combined company would be the third-largest chlor-alkali producer and the second-largest PVC producer in North America, according to Axiall, and the merger is expected to produce annual cost synergies of around $100 million.
Axiall rejected an earlier $3.1 billion bid from Westlake in April, citing significant problems in a presentation to shareholders. Subsequently, Lotte Chemical of South Korea – which has an ongoing joint venture with Axiall to build an ethane cracker in the US, slated to begin production in 2018 – had made a counter-offer, but Axiall ultimately accepted Westlake’s improved bid.
JPMorgan chemical industry analyst Jeffrey Zekauskas said in a briefing note that Westlake appeared to be ‘a serious bidder for Axiall’ based on acquisition efforts going back to 2012, when the firm was known as Georgia Gulf.
View full article @ http://www.rsc.org/chemistryworld/2016/06/westlake-chemical-buys-rival-axiall-petrochemicals
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