Chemical specialists, BASF, are having a positive end to the year with EU backing and a partnership with Gazprom.
BASF chemical catalyst turbo test plant Image: BASF |
European regulators gave a positive, but conditional, response to the chemical giant's proposed €3.1bn purchase of additives competitor Cognis. The deal, outlined in June 2010, has been given the go-ahead subject to BASF selling it's hydroxy monomers interests.
Hydroxy monomers are used in coatings and adhesive production and the sale would clear the way for the Cognis acquisition, taking BASF into the cosmetics sector and provide new additives for cleaning and palm, coconut and corn oil-based products.
Meanwhile BASF also announced a partnership with Russian energy provider Gazprom Neft to develop a new fuel brand. BASF's role would be to provide additives at refinery and motor fuel product levels and is part of a wider development programme between the two companies.