China’s China National Chemical Corp (ChemChina) is mulling acquisition of LyondellBasell’s polypropylene plants. The likely acquisition will align with the country’s policy of acquiring overseas assets amid the global economic meltdown. LyondellBasell is reported to be planning hive off of one of its two PP plants in Australia. The Australian facilities include a PP plant in Geelong, Victoria and another in Clyde, New South Wales.
ChenChina has earlier had a failed attempt in asset acquisition of US chemical maker Chemtura Corp. The Chinese state-owned company withdrew from the bidding when the price reached US$1 billion.