South Korea's Honam Petrochemical Corp. has completed the acquisition of Malaysia's Titan Chemicals Corp. Bhd., as per Platts. The acquisition was announced by Honam, South Korea's second largest ethylene maker on July 16. The deal involved buying a 73% stake in Titan from the Chao Group and a Malaysian state-run fund. Honam’s plans include acquisition of Titan shares from the market to gets its stake holding to 100%. The total cost of the acquisition is expected to be Won 1.5 trillion (US$1.28 bln).
Titan is Malaysia's premier and largest integrated olefins and polyolefins producer. It has a capacity to make 1.2 million of olefins, 1.5 million mt of polyolefins, 0.2 million mt of aromatics, 0.1 million mt of butadiene and 38,000 mt of BOPP film through facilities and plants located in Malaysia and Indonesia.