M&A in the Middle?

The ongoing credit crunch has put the brakes on large chemical M&A deals. Activity has slowed after a frenzied spring and early summer that saw $1-billion-plus deals frequently surface. Investment banks still need to place $200 billion-$300 billion in leveraged buyout (LBO) financing that was committed before credit markets froze in July. Banks are reluctant to fund further big deals until those loans clear, analysts say. Among big industry deals in the pipeline are Basell’s pending acquisition of Lyondell Chemical, which has $21 billion in debt...

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