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Despite a rejection, Westlake Chemical isn’t backing off its $2.9 billion bid to acquire competitor Axiall and create an ethylene-integrated vinyls powerhouse. Westlake is nominating its own slate of 10 directors who would stand for election at Axiall’s May 19 annual meeting and replace the current board. Axiall shareholders “would be better served by our independent and highly qualified nominees,” asserts Westlake CEO Albert Chao. Among the nominees are Michael Campbell, former Arch Chemicals CEO; Charles Crew, former president of SABIC Innovative Plastics; and Randy Woelfel, former Nova Chemicals CEO. Axiall counters that Westlake just wants to force a sale at a price that undervalues its assets and long-term prospects.
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