Methanex slips after agreeing to buy OCI's methanol unit for $2.05 bln

Methanex

09/09/2024 16:08

(Updates)
    ** Canadian methanol producer Methanex's  MX.TO  shares down
5.5% at C$54.43 
    ** Co said on Sunday it would acquire Dutch green fuel-maker
OCI Global's  OCI.AS  methanol business in a $2.05 bln deal
    ** Deal includes $1.15 billion in cash, the issuance of 9.9
million shares of Methanex valued at $450 million and debt
    ** Methanex expects to achieve $30 mln of annual cost
savings and would gain access to two methanol-producing
facilities in Texas among other things
    ** The deal is expected to close in the first half of 2025
    ** Including the session's losses, stock is down 13.2% YTD

 (Reporting by Sourasis Bose in Bengaluru)
 ((Sourasis.bose@thomsonreuters.com))