Lotte Chemical offers to buy Axiall CorpStaff writer ▼ | June 7, 2016
Lotte Chemical of South Korea has made an initial offer to buy U.S. chemicals maker Axiall Corp, coming in as a potential white knight for the $1.6 billion company.
Acquisition Lotte Chemical goes shopping
Lotte Chemical, part of hotel-to-retail conglomerate Lotte Group, said in the filing that its proposed takeover would help the company diversify its product portfolio and secure a stable customer base in North America for the U.S. cracker joint venture.
The potential deal will help Lotte Chemical become a "global integrated chemicals company", it said.
Lotte Chemical said Axiall generated at least 2 trillion won ($1.72 billion) in cash per year, and that it was considering various methods to finance the acquisition including cash. ■