Issue Date: January 5, 2009
AkzoNobel Bids For More Chlorine
AkzoNobel has made what it calls "an irrevocable bid" to acquire Germany-based LII Europe for an undisclosed sum. LII Europe, the chlor-alkali business of the former Hoechst, filed for bankruptcy on Oct. 13, 2008. LII operates a chlorine facility in the Hoechst Industrial Park near Frankfurt that also produces chlorinated hydrocarbons, calcium chloride, and solid caustic soda. Akzo may find its bid complicated, however. In papers filed in court in Mauritius, where the trust holding company that owns LII is based, the beneficiary of the trust says he did not give permission for LII to be sold.
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