Lanxess, Bayer Sell Chemical Park Operator To Macquarie For $3.9 Billion | 3/27/2015 | Staff
Traight (Posted by) Level 3
FRANKFURT (Reuters) – German chemical groups Bayer and Lanxess have agreed to sell integrated chemical site operator Currenta to Macquarie Infrastructure and Real Assets (MIRA) for an enterprise value of 3.5 billion euros ($3.9 billion).

That includes net debt and pension obligations and a related real estate portfolio that Bayer will transfer to Macquarie, the sellers said on Tuesday.

Reuters - September - Plans - Bayer - %

Reuters reported last September initial plans by Bayer to divest its 60% stake in the chemical park operator, part of a string of assets it has put on the block to slash debt since its $63 billion takeover of Monsanto last year.

It has recently sold consumer health brands Dr. Scholl’s and Coppertone and is looking for a new owner for its animal health business.

Chemical - Parks - Infrastructure - Electricity - Steam

Chemical parks supply an industrial infrastructure such as electricity, steam, natural gas and services to producers.

Shares in Bayer and Lanxess gained 4.2% and 3.8%, respectively, at 0800 GMT after securing what analysts said was a better-than-expected price after months of negotiations.

Lanxess - Stake - Euros - Proceeds - %

Lanxess, which had initially intended to hold on to its stake, took in about 624 million euros in proceeds after a 20% tax deduction for an asset that was valued at zero on its balance sheet.

Lanxess shares were among the biggest gainers in German midcap index MDAX , with JP Morgan analysts seeing Lanxess benefit from increased flexibility for future acquisitions, higher payouts to shareholders and better pension funding.


MIRA has committed to not selling off...
(Excerpt) Read more at:
Wake Up To Breaking News!
Faith cometh by hearing, and hearing by the Word of God.
Sign In or Register to comment.

Welcome to Long Room!

Where The World Finds Its News!