The proposed sale of ParexGroup, the industrial mortars business of construction company Materis, has stalled after the highest bids only reached €800 million. Materis and its private equity backer Wendel earlier asked for €1 billion for Parex.
Industrials
Chemicals maker BASF prepares bid for RWE's oil and gas exploration and production unit
BASF SE, the largest chemicals company in Germany, is working on a bid for RWE DEA AG. DEA is the oil and gas exploration and production (E&P) unit of German electric utilities company RWE AG.
Carlyle, KKR advance in the bidding for Transpacific Industries' waste management unit
US-based private equity firms Carlyle Group and KKR & Co and Australian investment firm Archer Capital have advanced in the sale of Transpacific Industries Group's waste management business. The three firms are working with banks to put together loan packages to back their bids.
Carlyle hires Credit Suisse to explore outright sale or IPO of PQ
Private equity firm Carlyle Group had put up for sale its specialty chemicals business PQ Corp. for $3 billion. Carlyle has tapped investment bank Credit Suisse to explore an outright sale or IPO of PQ.
Braskem will acquire Argentine-Brazilian plastics maker Solvay Indupa for $290 million
Braskem will acquire Argentine-Brazilian plastics maker Solvay Indupa for $290 million. It will buy 70.59% of Solvay Indupa by assuming its debt and through cash. Braskem will also purchase the remaining 29.41% of the company floated on the Buenos Aires bourse.
Latest News
Reuters said in its report that Britain's BP PLC has closed a $16 billion deal to develop Oman's Khazzan tight gas project. Construction of the tight gas project is expected to begin next year, while first gas is expected in late 2017.
Aurizon Holdings Ltd intends to complete a joint venture agreement with GVK Group for the building of a railroad project by the middle of next year, Bloomberg reported.
Fair trade regulator The Competition Commission of India said it has cleared the proposed merger of France's Alstom Power Holdings SA and domestic industrial player Kalyani Group.
RAG Foundation chief Werner Mueller said the state-owned trust looks to reduce its stake in German chemicals and plastics manufacturer Evonik Industries to about 25%. RAG currently owns two thirds of Evonik.
Australia-based oil explorer Senex Energy Ltd has made a preliminary offer to buy and merge with AWE Ltd, according to two sources familiar with the matter.
US-based oil and gas company BreitBurn Energy Partners LP has announced a definitive agreement to acquire oil and gas properties in Texas' Permian Basin for an estimated $282 million.
GLG Partners, a London-based hedge fund, agreed to settle claims that it overvalued the purchase of a mining asset in 2008 in a deal worth about $9 million, Bloomberg reported.
US-based professional technical services provider Jacobs Engineering Group Inc announced the completion of its merger with Australia-based firm Sinclair Knight Merz in a deal valued at AU$1.3 billion.
Investors Southeastern Asset Management and NNS Holding have been looking to divest their stakes in Texas Industries Inc. Cement producer Texas Industries is said to be working with Citigroup on a possible sale.
