BASF are set to clinch one of the largest chemical deals so far this year with the purchase of Cognis.
The German chemical giant has seen-off challenges from a number of rivals, including US oil and additives specialist Lubrizol, in a much-publicised bid to buy the German-based chemicals company Cognis. The deal is expected to be sealed at more than €3.1bn ($3.9bn).
Cognis' current owners, Goldman Sachs Group and Permira Advisers LLP apparently had an exclusive agreement to talk to BASF, closing out Lubrizol who are believed to have offered in the region of €3.3bn.
Meanwhile, BASF have been busy launching a new highly reactive polyisobutene plant in Ludwigshafen, Germany. The plant will increase its annual capacity in the low-molecular-weight HR PIB polymer from 25,000 to 40,000 metric tons.
The new plant is the second major expansion of PIB production by BASF in the last two years. The chemical plays an important role in the manufacture of fuel and lubricant additives.