LA SEDA
Follow-up: Agreement in principle on purchase price for Artenius PET plant in Portugal / Awaiting official authorisation
After Portugal’s antitrust authority first sounded a possible takeover of La Seda de Barcelona’s (Barcelona / Spain; www.laseda.com) 75,000 t/y Artenius Portugal PET plant in Portalegre / Portugal – see Plasteurope.com of 08.04.2011 – the Spanish PET group is now weighing in on the matter, too. In a statement released on 2 May, executive chairman Carlos Moreira da Silva announces that his group had reached an agreement with Imatosgil Investimentos subsidiary Control PET SGPS (Lama / Portugal) for the takeover of the Portalegre facility.
Elaborating further, da Silva said the purchasing price would include a fixed component of EUR 5.6m, to be paid in instalments until 2015, as well as another variable based on the plant’s future mean production value from 2011-2014.
However, the proposed takeover still has to meet the approval of the relevant antitrust and recipient authorities and also requires the formalisation of several raw material supply contracts with both La Seda and other third parties. Should these conditions not be met by 31 May, da Silva said, any of the parties will be able to dissolve the contract.
Elaborating further, da Silva said the purchasing price would include a fixed component of EUR 5.6m, to be paid in instalments until 2015, as well as another variable based on the plant’s future mean production value from 2011-2014.
However, the proposed takeover still has to meet the approval of the relevant antitrust and recipient authorities and also requires the formalisation of several raw material supply contracts with both La Seda and other third parties. Should these conditions not be met by 31 May, da Silva said, any of the parties will be able to dissolve the contract.
04.05.2011 Plasteurope.com [219299-0]
Published on 04.05.2011
German version of this article...