Grupo Zuliano to buy additional 35% stake from Koch Industries in a Venezuelan propylene plant

16-Apr-12

Grupo Zuliano (GZL) CA will buy a 35% stake in a Venezuelan propylene plant from Koch Industries Inc. The transaction, valued at about US$35 mln, will be completed by April 30. Grupo Zuliano, a Maracaibo-based holding company has bought this additional 35% stake in Propileno de Falcon CA (Profalca), where it previously had a 15% stake. The balance 50% is held by a unit of Venezuelan state-run chemicals company Pequiven SA. Koch was keen to exit the joint venture, and Grupo Zuliano wished to consolidate business with Pequiven.