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Markets :: Plastics :: Polyvinyl chloride
Shin-Etsu Bids for 100% of PVC Firm
9:58 AM MST | December 15, 2008 | Chemical Week Editorial Staff
Shin-Etsu Chemical says it has “initiated procedures” to increase its stake in polyvinyl chloride (PVC) producer Cires (Estarreja, Portugal) from 26.07%, to 100%, by buying the stakes of its partners. Shin-Etsu says it agreed last week to buy Ineos’s 26.23% stake in Cires and that it intends to launch a takeover bid for the rest of Cires next March. Mitsui & Co. is the other main shareholder with 26.07% of Cires, and the rest is owned by a group of Portuguese companies. Shin-Etsu expects the entire transaction to cost €19 million ($24...
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