Two former spinoffs from Bayer were competing for headlines on Jun. 19 and 20, as specialty chemicals company Lanxess issued a profit warning amid rumors that Middle East chemicals and energy behemoth Abu Dhabi National Oil Company (ADNOC) had made a takeover offer for engineering plastics producer Covestro.
US private equity group Apollo Management Holdings has walked away from a potential deal with Wood Group after more than four months of pursuing the British multinational engineering and consulting business.
Braskem and its controlling shareholder Novonor (formerly known as Odebrecht) have now confirmed a takeover offer from private equity investors Apollo and Abu Dhabi National Oil Company (ADNOC) for Novonor’s shares in the Brazilian petrochemicals and plastics producer.
British multinational engineering and consulting business Wood Group has decided to engage with private equity firm Apollo Management, which has made a fifth offer valuing the group at about $2 billion.
Private equity group Apollo has agreed to acquire Univar Solutions for $8.1 billion. The transaction also includes a “minority” investment from a wholly owned subsidiary of the Abu Dhabi Investment Authority.
US adhesives maker H.B. Fuller has purchased Apollo, the UK’s largest independent manufacturer of liquid adhesives, coatings and primers for the commercial roofing, industrial and construction markets.
French PVC maker Kem One is up for sale again. The company said its president and majority shareholder Alain de Krassny, who bought the erstwhile Arkema business out of the bankruptcy of a Swiss investor in 2015, is in exclusive talks about a deal with Apollo Global Management. The proposed sale could be finalized by the end of 2021.
