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Chemical Finance Digest, June 6-10
2:50 PM MDT | June 13, 2011 | By VINCENT VALK
Topping the headlines this week, PQ Corp., a silicates producer, is reportedly planning an IPO.
In M&A, Brenntag has agreed to acquire Zhong Yung Chemical, a Chinese solvents distributor with revenues of $373 million. Meanwhile, Lubrizol's shareholders voted to approve Berkshire Hathway's $135/share offer for the company by a wide margin.
No new equity deals were announced last week. Avantor issued $220 million in debt, in the form of a $185 million term loan and a $35 million revolving credit facility. Moody's rated the new debt 'Ba'3,' with a positive outlook.
In macroeconomic news, the Bloomberg consumer comfort index rose for the third consecutive week after hitting a nine-month low. Falling gasoline prices have "alleviated more of the pressure on American consumers," according to IHS Global Insight economist Erik Johnson.
The week ahead will see May's industrial production index released on Wednesday, and that month's housing starts released on Thursday. The consensus for housing starts is an annual rate of 547,000 units, after a markedly poor April.