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Siam Cement to buy 30 percent of Indonesia's Chandra Asri Petrochemical

September 20/2011

(Reuters) - Thailand's Siam Cement Pcl agreed to buy 30 percent of Indonesia's Chandra Asri Petrochemical Tbk (CAP) for USD 442 million in a deal mainly with Singapore state investor Temasek that signals growing competition for Southeast Asian petrochemical assets.

The acquisitive Thai company's biggest overseas investment gives it a foothold in the fast-growing petrochemical industry of Southeast Asia's biggest economy, but it also hints at more deals to come as cash-rich Thai companies seek growth offshore and regional competition heats up.

Under terms announced on Tuesday, Siam Cement will buy 22.9 percent from a unit of Temasek Holdings Pte Ltd , and the rest from PT Barito Pacific Tbk , the holding company of Indonesian tycoon Prajogo Pangestu. 

The deal highlights the growing allure of the vast and often-untapped resources of Indonesia, where M&A volume has more than doubled to USD 11.6 billion this year from a year earlier.

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