Lanxess to buy DSM's engineering materials biz with Advent to set up JV, shares up
31/05/2022 07:57
** Shares of German speciality chemicals maker Lanxess
LXSG.DE rise 4.6% in early Frankfurt trade after announcing a
joint venture with Advent International for high-performance
plastics urn:newsml:reuters.com:*:nFWN2XM0AY
** Lanxess and Advent agree to buy DSM's DSMN.AS
engineering materials business for around EUR 3.7 bln ($3.97
bln) financed by Advent, to be included in the JV urn:newsml:reuters.com:*:nASM000DW0
** Lanxess will transfer its high-performance materials
business, valued at EUR 2.5 bln, into the combination
** The companies anticipate substantial synergies resulting
from the JV by 2026
** Lanxess LXSG.DE to receive a payment of at least EUR
1.1 bln at closing and a stake of up to 40% in the JV
** Lanxess is seen at the top of the German mid-cap index
.MDAXI
($1 = 0.9316 euros)
(Reporting by Anastasiia Kozlova)
((Anastasiia.Kozlova@thomsonreuters.com))