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[LOTTE CRISIS] Lotte crisis becomes boon for Axiall shareholders
By Korea HeraldPublished : June 14, 2016 - 16:11
[THE INVESTOR] Shareholders of Axiall have inadvertently benefited from the current crisis faced by South Korean retail giant Lotte, which resulted in Lotte Chemical dropping out of the race to acquire the U.S.-based chemicals firm.
Lotte Chemical and U.S. chemicals manufacturer Westlake Chemicals had previously been vying with one another to acquire Axiall.
In the face of competition from Lotte, Westlake had raised the stakes. On June 10, the company won the bid for Axiall after submitting a bidding price that was 46 percent higher than its original offer.
This came after Lotte Chemical withdrew from the race amid a prosecutorial investigation that started on that day and targeted all of Lotte’s affiliates in Seoul.
In January, Westlake offered $1.5 billion to acquire Axiall. It raised the price to $1.7 billion in April, but was again refused. The price Axiall eventually accepted was $33.5 per share, on the condition that the funds would be entirely in cash.
By Kim Ji-hyun (jemmie@heraldcorp.com)
Lotte Chemical and U.S. chemicals manufacturer Westlake Chemicals had previously been vying with one another to acquire Axiall.
In the face of competition from Lotte, Westlake had raised the stakes. On June 10, the company won the bid for Axiall after submitting a bidding price that was 46 percent higher than its original offer.
This came after Lotte Chemical withdrew from the race amid a prosecutorial investigation that started on that day and targeted all of Lotte’s affiliates in Seoul.
In January, Westlake offered $1.5 billion to acquire Axiall. It raised the price to $1.7 billion in April, but was again refused. The price Axiall eventually accepted was $33.5 per share, on the condition that the funds would be entirely in cash.
By Kim Ji-hyun (jemmie@heraldcorp.com)
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