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Wacker gives final approval to sale of Siltronic stake

December 11/2020

MOSCOW (MRC) -- The supervisory board of Wacker Chemie has approved the conclusion of an irrevocable undertaking with GlobalWafers Co. (Hsinchu, Taiwan), under which Wacker will transfer its entire 30.8% stake in silicon wafer company Siltronic to GlobalWafers as part of a voluntary takeover bid that GlobalWafers will submit to all Siltronic shareholders, reported Chemweek.

The offer price will be EUR125/share, as previously announced, and the minimum acceptance threshold of the takeover bid is 65%. The deal will be subject to competition law clearances and further regulatory approvals, Wacker says. The offer price values the whole of Siltronic at EUR3.75 billion (USD4.54 billion).

“Since we became a minority shareholder in Siltronic in 2017, we have repeatedly expressed our intention to sell our remaining stake in the medium-to-long term,” says Rudolf Staudigl, Wacker’s outgoing president and CEO. “Siltronic has performed extremely well over the last few years. It enjoys a strong position in the global semiconductor-wafer market, has an excellent technology base and is highly profitable. As a result, now is the right time for us to take the next step and pull out of Siltronic completely.”

The entity resulting from the merger of Siltronic and GlobalWafers, also a manufacturer of silicon wafers, would be “an industry leader that offers an extensive portfolio and can supply all semiconductor customers with cutting-edge products,” Staudigl says.

The agreement between GlobalWafers and Siltronic includes “comprehensive guarantees for the sites operated by [Siltronic],” says Staudigl. “Siltronic will essentially be able to maintain its existing business strategy and remain a reliable partner to the European semiconductor industry going forward,” he says. Site closures and forced layoffs have been ruled out in Germany until the end of 2024, he adds.

As MRC reported earlier, Wacker Chemie operates a 90 ktpa EVA compounding plant at the Ulsan site, consisting of two lines. The second line with a capacity of 40 thousand tons of products per year was launched in 2013.

According to MRC's DataScope, September EVA imports to Russia fell by 30,32% year on year to 2,38 tonnes from 3,420 tonnes a year earlier, and overall imports of this grade of ethylene copolymer into the Russian Federation dropped in January-September 2020 by 9,85% year on year to 26,340 tonnes (29,220 tonnes a year earlier).

Wacker Chemie manufactures and markets EVA dispersions under the VINNAPAS brand name. VINNAPAS polymer dispersions are used in a wide range of industries: for the production of complex thermal insulation systems, building and tile adhesives, plaster, building mixtures and mortars, cement sealing slurries and nonwovens.
Author:Margaret Volkova
Tags:EVA, copolymer, ethylene, petrochemistry, cable, Wacker, Germany, Russia, Taiwan, South Korea.
Category:General News
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