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...The bid comes after Apollo already teamed up with German chemical maker Lanxess in a bid to demonstrate its expertise in the area and following its own experience with chemical businesses, including the...
...Berkshire knows parts of the company, having held Great Lakes Chemical Corp stock in the early noughties. Great Lakes merged to form Chemtura, which Lanxess acquired in April....
...On the basis of peers such as Clariant and Lanxess (itself a spin-off from Bayer in 2005), Akzo Nobel’s specialty chemicals division might attract an enterprise value of about €7.5bn....
...Heavy demand for Lanxess pushed its shares higher after the German speciality chemicals company confirmed its outlook for the 2012 financial year....
...This summer Lanxess of Germany had been in talks with CVC to buy Taminco in a potential deal worth more than €1bn but the talks faltered over price....
...Axel Heitmann, chief executive of Lanxess, Germany’s biggest speciality chemicals group, said Europe’s industrial powerhouse was profiting from a rebound in demand from Asia....
...The days of Clariant, spun off from Sandoz in 1995, and Lanxess, spun off from Bayer a decade later, as independent players appear numbered....
...More probable is that one, or both, will be bought by a stronger rival, most likely BASF or Lanxess, the now independent chemicals division of Germany’s Bayer drugs and chemicals group....
...Lanxess, the German chemicals group, reported a 23 per cent increase in second-quarter core operating profits, beating analysts’ expectations....
...Lanxess traded 1.6 per cent lower at €27.05 in spite of an increase in the price target for the German chemicals company from €20 to €27 by West LB on expectations that restrucuring will improve earnings...
...The roadshow for Lanxess’ debut euro bond started on Monday, from which the German chemical producer aims to sell at least €500m of bonds with a maturity of seven to 10 years....
...There was a reasonably positive market debut this week for Lanxess, the chemicals group spun off from Bayer....
...“Chemicals exposure will persist even after the Lanxess spin-off,” the investment bank warned on Tuesday....
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