The oil giant has entered into exclusive negotiations with the French chemist. The offer values Arkema Bostik to € 1.7 billion.
Arkema wants to buy glues and adhesives group Total. The oil company has entered into exclusive negotiations with the French chemist to cede Bostik, its specialist adhesive and sealant high technology that Total has held since 1990, the amount of the subsidiary operation was not specified but the supply Arkema Bostik valued at € 1.74 billion, or 11 times EBITDA (EBITDA) World number three adhesives. “Given the quality of the project, Total has granted a period of exclusivity to Arkema to complete its offer, and procedures for information and consultation process involving staff concerned will be involved,” said he said. In exchange, Total rose 0.25% to 50.12 euros and Arkema fall from 2.3% to 56.50 euros in a market up 0.52%.
This s ‘part of the exit strategy of Total specialty chemicals to refocus on petrochemicals. Bostik achieved a turnover of 1.5 billion euros in 2013 and employs 4,900 people, distributed in 48 production sites worldwide. “Consistent with the strategy pursued since the IPO, this operation would allow Arkema to strengthen in specialty chemicals and pursue the development of its high-performance materials division that would, with the acquisition of Bostik, 42% of total revenues, “said the French chemist in a separate statement.
With a turnover of 300 million euros, Bostik France employs nearly 900 staff based in headquarters Plaine Saint-Denis, six production sites and two Research & amp; Development. The company, which owns the brand Sader, provides bonding solutions tailored for industry, construction and the public.
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