The long-rumoured merger between Iberian PET producers Catalana de Polimers (E-08820 El Prat de Llobregat / Barcelona) and Selenis (P-7301-952 Portalegre Codex; www.selenis.com), could become more likely, depending on the outcome of an equity increase at La Seda de Barcelona (E-08008 Barcelona; www.laseda.es). If La Seda´s other shareholders do not subscribe to their proportion of the issue, a consortium of private equity investor Inversiones Ibersuizas (E-28001 Madrid; www.ibersuizas.es) and its Portuguese partner Imatosgil Investimentos SGPS would have to acquire additional shares under Spanish takeover laws. This could give the two investors, which currently hold a combined 23.4%, a majority stake in the Spanish polyester group.

Ibersuizas already owns the majority of Selenis, which formerly traded as Trevira, the former Hoechst polyester subsidiary. Along with polyester fibres, this company also produces 70,000 t/y of polyester granules. A merger of Selenis and Catalana would create one of the top European players in polyester. Catalana is currently widening production capacity for PET at El Prat de Llobregat to 165,000 t/y from 50,000 t/y, with the new capacity to be on stream by the end of this year. A further expansion to 180,000 t/y is scheduled for the end of 2005.