M&A Revival

Recovery has the chemical sector quickly shedding inhibitions about M&A. BASF has sealed a deal to acquire Cognis for €3.1 billion ($3.8 billion). And Akzo Nobel reached an agreement to sell its National Starch (Bridgewater, NJ) unit to Corn Products International (Westchester, IL) for $1.3 billion in cash (p.6). Constraints on private equity have eased as well, as demonstrated by Bain Capital’s acquisition of Styron from Dow Chemical, which closed earlier this month. M&A activity has resumed but companies are being deliberate. BASF’s...

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