Honam Petrochemical to pay US$1.25 bln for Malaysia’s Titan Chemicals Corp

In a bid to increase revenue from overseas markets, South Korea’s second-largest ethylene maker Honam Petrochemical Corp has agreed to pay 1.5 trillion won (US$1.25 bln) to buy Malaysia’s Titan Chemicals Corp. Honam has inked a deal to acquire a 37.3% stake in Titan from Chao Group and a 35.3%t holding from Permodalan National Bhd. It will make an unconditional takeover offer to Titan’s remaining shareholders. The acquisition will fortify its presence in Southeast Asia, China, the Middle East and Central Asia, and increase its revenue to 12 trillion won this year. Titan is Malaysia’s biggest producer of olefins and polyolefins with reported sales of US$1.64 bln last year.
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