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Chemical Finance Digest, Nov. 7-11

11:26 AM MST | November 15, 2011 | By VINCENT VALK

Topping the headlines last week, the latest earnings reports continued to be mixed, though this time with more bad than good. Arkema’s net income fell 16%, while Momentive’s fell 66% and TPC Group’s fell 27%. Ashland recorded a loss on a pension charge, while Lanxess’ net income rose 31%.

In M&A news, Lanxess has acquired Verichem, a U.S. biocides firm with $10 million in sales last year. Ashland has sold its refrigerant lubricants business, which has about $50 million in annual revenues, to Monument Chemicals, while DuPont is reportedly considering a sale of its automotive coatings unit, which could fetch as much as $4 billion.

In equity news, Sinochem is planning 26.5 billion-share IPO to raise up to $5.5 billion to fund a refinery and petrochemicals project.

In debt news, Trinseo has announced a $450 million debt issue, the proceeds from which will repay a term loan. Moody’s has rated the unsecured debt ‘B3.’

The week ahead will see the release U.S. housing starts data for October. Consensus is for 605,000 annualized units, after a surprisingly buoyant September.

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