Evonik owners to go head with IPO preparations

(Reuters) - German chemicals and real estate conglomerate Evonik may have to reconsider the timing of a possible initial public offering (IPO), its majority owner said on Monday.

The RAG Foundation, which has never officially committed to a timetable for floating Evonik, cautioned it would monitor possible risks to an IPO. But it said it continues to support the idea of flotation.

Sources have said the RAG Foundation, which owns 75 percent of Evonik, would publish an intention to float on Friday if it decides to go ahead with an IPO. The shares could then be listed on June 25.
MRC

MOSCOW (MRC) -- In April, the total production of polypropylene (PP) exceeded 53,000 tonnes. Stavrolen showed serious growth in production, according to MRC analysts.

Last month, the total volume of PP production in Russia exceeded 53,000 tonnes, with an increase of 600 tonnes compared to March level. April was successful for Stavrolen (Lukoil Group). The company was able to increase the capacity utilization to 75%, the total production of polypropylene made more than 8,000 tonnes.


Neftekhimiya (Kapotnya) significantly reduced the volume of PP production last month. The company cut production volumes by more than 2,000 tonnes. Other production sites also decreased the production volumes, but not so sigificantly.

The deficit in the market of raffia resulted in a serious correction of the production programs. Russian producers increased the production of raffia almost by one and half by reducing the output of injection moulding PP-homo. In April, production volumes of copolymers of propylene remained at the March level.

mrcplast.com

(Reuters) -- Royal DSM, the global Life Sciences and Materials Sciences company, announced that its indirect wholly-owned subsidiary, Biomedical Acquisition Corporation, has commenced its previously announced tender offer for all outstanding shares of common stock of Kensey Nash.

The Kensey Nash board of directors has unanimously determined that, among other things, the offer is fair to and in the best interests of Kensey Nash's stockholders and unanimously recommends that Kensey Nash's stockholders accept the offer and tender their shares.

The tender offer is scheduled to expire at 12:00 midnight at the end of Monday, 18 June 2012, unless the offer is extended.

Complete terms and conditions of the tender offer are set forth in the Offer to Purchase, Letter of Transmittal and other related materials that will be filed by DSM and Biomedical Acquisition Corporation on 21 May 2012.

Kensey Nash is a medical device company primarily focused on regenerative medicine utilizing its proprietary collagen and synthetic polymer technology. The company is recognized as a leader for innovative product development and unique technology in the field of resorbable biomaterials. The company has an extensive range of products, which are sold through strategic partners in multiple medical markets, including the cardiology, orthopedic, sports medicine, spine, trauma, craniomaxillofacial and general surgery markets.
MRC

(oilandgaseurasia) -- Turkish Energy Minister Taner Yildiz has echoed the proposal of the Nabucco Consortium for downsizing the previously ambitious EU-sponsored gas transit pipeline project, Nabucco.

Turkey's energy and natural resources minister said on Friday that it would not be appropriate to say that the Nabucco project was over, as cited by The Journal of Turkish Weekly.

Taner Yildiz said the project would probably survive as "Nabucco West" - a smaller, shorter pipeline, widely thought likely to begin at the Bulgarian-Turkish border rather than in Azerbaijan.

"In the end I believe whatever the name of the project is, it is more important that it is do-able," Yildiz told an interview with the Financial Times.

Yildiz said it was more realistic to begin with the Azebaijan-Turkey route, TANAP (Azerbaijan-Turkish Trans Anatolian gas pipeline), which could be linked up with another pipeline to bring gas to other European markets.

MRC

(goldseiten) -- Yara has agreed with Orica and Apache to form joint ventures to build a 330,000 metric tons ammonium nitrate (TAN) plant on the Burrup peninsula and distribute ammonium nitrate and other explosives products to mining customers in the Pilbara region.

"This is an important and value creating project for Yara that confirms our dedication and ambition to be among the leading suppliers of TAN globally. Together with our partners, we look forward to servicing the fast growing Pilbara iron ore market," said Jorgen Ole Haslestad, President and Chief Executive Officer of Yara.

The joint venture will be owned 45% by Yara, 45% by Orica and 10% by Apache. Construction of the plant is expected to have a capital cost of approximately USD 800 million excluding capitalized interest, and be completed by the end of 2015. Tecnicas Reunidas will be appointed as the Engineering, Procurement and Construction contractor under a fixed price, turnkey contract. Yara will manage construction and ongoing operation of the ammonium nitrate plant.

Upon commencement of construction, Orica will pay approximately USD 110 million for the 45% stake, to be split between Yara and Apache.

MRC