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Lanxess Completes Pull-out from ABS; Receives No Payment for 49% Stake

9:34 AM MDT | October 7, 2009 | Natasha Alperowicz

Lanxess has completed its exit from the acrylonitrile butadiene styrene (ABS) business by transfering its remaining 49% stake in Ineos ABS to Ineos. Lanxess has not received any money for that stake, CW has learned. Lanxess and Ineos agreed nearly two years ago on Lanxess's phased exit from the business starting with the sale of a 51% share to Ineos for €35 million ($51.4 million), including debt. The partners agreed that the price of the remaining 49% stake will be evaluated on Ebitda multiples of five at the time of closure in September...

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