Chemical giant BASF has agreed to combine its paper and water chemical business with Solenis, in a deal that will see BASF owning 49% of the business and private equity firm Clayton, Dubilier & Rice owning the remainder. No financial details of the transaction were disclosed, but the combined businesses have pro-forma sales of €2.4bn ($2.88bn). Separately, BASF has revamped its organisation and agreed to buy seed assets from Bayer, as well as merge its oil and gas business with rival DEA. The merger is expected to be completed by mid-2018, subject to regulatory approvals.
Chemical giant BASF has agreed to combine its paper and water chemical business with Solenis, in a deal that will see BASF owning 49% of the business and private equity firm Clayton, Dubilier & Rice owning the remainder. No financial details of the transaction were disclosed, but the combined businesses have pro-forma sales of €2.4bn ($2.88bn). Separately, BASF has revamped its organisation and agreed to buy seed assets from Bayer, as well as merge its oil and gas business with rival DEA. New CEO Martin Brudermueller also said the company will keep all divergent businesses under one company.