MOSCOW (MRC) -- Solvay has obtained clearance from the Brazilian antitrust authority, CADE, for the agreed sale of its 70.59% stake in Solvay Indupa to chemical group Unipar Carbocloro, said the company on its site.
Completion of the transaction, at a total enterprise value of USD 202.2 million as announced in May, is expected to take place in the next weeks. Solvay Indupa produces PVC and caustic soda in Brazil and Argentina.
As MRC informed earlier, in 2014, Argentina's stock regulator rejected as inadequate an offer from Brazil's Braskem, Latin America's largest petrochemical company, to buy the roughly 30% of the shares of plastic maker Solvay Indupa that are publicly traded. Solvay Indupa is the Argentine-Brazilian unit of Belgium's Solvay, which owns 70.59% of the company.
Created in 1948, PVC and caustic soda producer Solvay Indupa has 956 employees and two production sites in Brazil and Argentina. Indupa, with a manufacturing capacity of more than 500,000 tpa of PVC, runs facilities at Santo Andre, Brazil, and Bahia Blanca, Argentina.
Solvay, with a market share 27%, is the second largest PVC manufacturer in Europe, after Kerling with 29% of the market. Solvay is headquartered in Brussels with about 30,900 employees spread across 53 countries. It generated pro forma net sales of EUR12.4 bn in 2015, with 90% made from activities where it ranks among the world’s top 3 players.
MRC