BASF to Exit French JV; Guarded on Russia

BASF says it intends to sell its 50% stake in PEC-Rhin (Ottmarsheim, France), a joint venture with GPN, the fertilizers subsidiary of Total. BASF has appointed Rothchild Bank as adviser in the sale. The jv employed about 200 last year and generated sales “in the low three-digit-million euro range,” BASF says. BASF says it has decided on the divestment because, unlike its fertilizer production at Ludwigshafen and Antwerp, PEC-Rhin’s Ottmarsheim facilities are not integrated with “other value chains.” PEC-Rhin, founded in 1967, is a...

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