BASF up 3%, to Acquire Solvay's Global Polyamide Business
Share price of BASF India advanced 3 percent intraday Wednesday as it is going to acquire Solvay's global polyamide business.
BASF SE Germany, the parent company of BASF India, has signed an agreement to acquire Solvay's integrated polyamide business globally for a purchase price of EUR 1.6 billion.
The said transaction is subject to approval by the relevant authorities and is expected to be closed in the third quarter of 2018.
For the full year 2016, the net sales of the business to be purchased from Solvay amounted to EUR 1315 million and EBITDA to around EUR 200 million.
The acquisition would complements BASF’s engineering plastics portfolio and expand its position as a solution provider for the transportation, construction, industrial applications and consumer industries.
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