Lanxess: sells its stake in Arlanxeo
(CercleFinance.com) - The Lanxess share is bubbling today, up nearly 6% in Frankfurt, in demand, after the German specialist chemicals group announced its intention to sell its remaining 50% stake in Arlanxeo to its partner Saudi Aramco.
Founded in 2016 as a 50-50 joint venture between Lanxess and Aramco, Arlanxeo specialises in synthetic rubber. Lanxess expects to receive 1.4 billion euros in cash for these shares - net of debt and other financial liabilities.
This transaction will require approval from different regulatory authorities, along with the information and consultation procedures of the personnel that must also be carried out. The parties intend to finalise the deal by the end of the year.
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Founded in 2016 as a 50-50 joint venture between Lanxess and Aramco, Arlanxeo specialises in synthetic rubber. Lanxess expects to receive 1.4 billion euros in cash for these shares - net of debt and other financial liabilities.
This transaction will require approval from different regulatory authorities, along with the information and consultation procedures of the personnel that must also be carried out. The parties intend to finalise the deal by the end of the year.
Copyright (c) 2018 CercleFinance.com. All rights reserved.