BASF AG and Royal Dutch Shell PLC have completed a 4.4 billion euros (US$5.32 billion) deal to sell their polymer JV Basell to Nell Acquisition, an affiliate of privately held Access Industries. Basell was formed as a joint venture in 2000 so that Shell Chemicals and BASF could consolidate their polyolefins businesses across the world. Access Industries is a U.S.-based industrial holding company with interests in the oil, aluminum, coal and telecommunications industries. The deal between the two, which was announced in May, received regulatory approval in both Europe and the United States. The Chatterjee Group, a private investment group, had been part of the deal to buy the business but pulled out last month.
Basell is based in Hoofddorp, Netherlands and is the world's largest producer of polypropylene, operating production facilities in 21 countries. Last year, Basell had sales of 6.7 billion euros (US$8.1 billion). Basell is the world's largest producer of polypropylene and advanced polyolefins and is a leading supplier of polyethylene and catalysts. The company is a global leader in the development and licensing of polypropylene and polyethylene processes
02-Aug-05 
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