LANXESS to acquire 70% stake in Petroflex at approx €198 mln

17-Dec-07
Leverkusen-based specialty chemicals group LANXESS plans to acquire 70% stake in Petroflex S.A, Brazil, at a provisional price of EUR 198 mln. The acquisition by LANXESS includes purchase of stakes held by current major shareholders Braskem and Unipar, and is subject to approval of the relevant antitrust authorities. Petroflex is one of the world's large-scale producers of synthetic rubber. LANXESS will submit a public takeover offer for the remaining ordinary shares at the proper time under Brazilian law. As is customary with such transactions, the final purchase price, including financial liabilities to be assumed, will be determined after closing. The financial liabilities as of September 30, 2007, amounted to EUR 109 million.
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