Issue Date: April 10, 2006
Novartis has raised its offer for the stock of Chiron that it does not already own to $48 per share from $45. This move effectively ends a shareholder revolt against the merger, according to analysts.
Chemtura is selling its industrial water additives business, excluding its Liquibrom line, to a U.K.-based private equity firm. The business had sales last year of about $80 million.
India's Shasun Chemicals & Drugs has completed its acquisition of Rhodia's custom synthesis business (C&EN, Jan. 16, page 5). The deal includes ChiRex, a business for which Rhodia paid $545 million in 2000.
Merisol, a 50-50 joint venture of Sasol and Merichem specializing in cresylics, will increase m-cresol capacity by 20% at its Oil City, Pa., plant by early 2007. Merisol, which also makes the product in Winnie, Texas, says it supplies a third of global m-cresol demand.
Lyondell Chemical and Citgo Petroleum, a subsidiary of Venezuelan state oil company PDVSA, want to sell their Lyondell-Citgo Refining joint venture, which operates a heavy crude oil refinery in Houston. The sale would make Lyondell solely a chemical company.
Akzo Nobel has offered $17.09 per share to acquire Sico Inc., which it calls Canada's leading coatings company. The value of the deal would be about $250 million. Akzo says Sico's two largest shareholders have agreed to sell their shares.
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