FORBES: BASF, Shell Chemicals Wrap Up Basell Sale: “BASF AG and Royal Dutch Shell PLC said Monday they had completed a deal to sell their Basell NV plastics joint venture in a euro4.4 billion (US$5.32 billion) deal…”: Monday 1 August 2005
BASF AG and Royal Dutch Shell PLC said Monday they had completed a deal to sell their Basell NV plastics joint venture in a euro4.4 billion (US$5.32 billion) deal to Nell Acquisition, part of privately held Access Industries.
The deal, announced in May, received regulatory approval in Europe and the United States. The Chatterjee Group, a private investment group, had been part of the deal to buy the business but pulled out last month.
Basell was formed as a joint venture in 2000 so that Shell Chemicals and BASF could consolidate their polyolefins businesses across the world and announced plans to review its options in 2004.
The Hoofddorp, Netherlands-based company is the world's biggest producer of polypropylene, which is used in making bottles, food and beverage packaging, grocery bags and toys. It operates production facilities in 21 countries and employs 6,600 workers, with 5,200 of them in Europe, and about 1,000 in North America.
Last year, Basell posted sales of euro6.7 billion (US$8.1 billion) .
Shares in BASF AG rose half a percent to euro58.91 (US$71.24) in Frankfurt trading, while Shell's A shares gained 1.3 percent to 1,770 pence (euro25.64: US$31.11) in London.
Access Industries is a U.S.-based industrial holding company with interests in the oil, aluminum, coal and telecommunications industries.
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