Chemical Industry Weekly News Round-Up, Jan. 13
3:13 PM MST | January 13, 2012 | By VINCENT VALK
This Week on CW:
Westlake Chemical has launched a $1.1 billion unsolicited bid for rival vinyls maker Georgia Gulf. The purchase price represents a 51% premium on Georgia’ Gulf’s 30-day volume-weighted average share price of $19.82. Georgia Gulf shares rose 35% in trading this morning, to $33/share, 10% higher than Westlake’s offer.
Archer Daniels Midland (ADM) has exited the Telles bioplastics joint venture with Metabolix. The jv, which was formed in 2006, produces plastics based on polyhydroxyalkanoate. Telles started up a 110 million lbs/yr plant in Iowa in 2010, which will remain in the hands of ADM.
A U.S. district court has rejected EPA’s efforts to delay implementing air toxics rules drafted last March. The decision was seen as a victory for environmental groups, which challenged the rules claiming that they violate statutory requirements.
Ashland says it will expand production capacity for Polyplasdone and Polyclar crosslinked polyvinylpyrrolidone (PVP) at a facility in Texas. The expansion is expected to be complete by late 2013.
Around the Web:
The Obama administration has reiterated its support for hydraulic fracturing, in Bloomberg.
Standard & Poor’s has downgraded French sovereign debt, as further downgrades of European nations are expected, in The New York Times.