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Lotte Chemical bids for U.S. chemicals firm Axiall

All News 09:22 June 07, 2016

SEOUL, June 7 (Yonhap) -- Lotte Chemical Corp., a major chemicals maker, said Tuesday that it has submitted a bid to take over a U.S.-based chemicals firm to expand its business portfolio.

In a regulatory filing, the company said it has submitted a bid to take over Axiall Corp., a deal estimated at over 3.3 trillion won (US$2.78 billion). No financial details were revealed.

Axiall, a leading U.S. chemicals firm, produces plastics, pulp and paper, packaging, chemical intermediates, and building and home improvement products.

Lotte Chemical said Axiall generated sales of 4 trillion won last year, adding that it was considering a slew of options to finance the acquisition.

Last year, Lotte Chemical announced a $3 billion project to build a chemicals plant in the U.S. along with Axiall.

sam@yna.co.kr
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