WESTLAKE
Proposal to acquire Georgia Gulf withdrawn / Plans to liquidate all holdings
Now that its latest USD 1.2 bn offer did not do the trick either, Westlake Chemical (Houston, Texas / USA; www.westlake.com) on 4 May withdrew its proposal to acquire Georgia Gulf (GGC, Atlanta, Georgia / USA; www.ggc.com) – for most recent coverage, see Plasteurope.com of 06.02.2012. Expressing disappointment at the inability to reach a deal – the companies had been in talks since September last year – Westlake CEO Albert Chao said his group plans to liquidate all its holdings in GGC.
As for Georgia Gulf, group chief executive Paul Carrico said he was “confident that we are well positioned to create significant value for our stockholders”, pointing towards GGC’s access to low-cost US shale gas as well as its integrated asset base and access to key export markets. The Atlanta-based group said its Q1 2012 operating results were the best first quarter figures it had published in six years.
As for Georgia Gulf, group chief executive Paul Carrico said he was “confident that we are well positioned to create significant value for our stockholders”, pointing towards GGC’s access to low-cost US shale gas as well as its integrated asset base and access to key export markets. The Atlanta-based group said its Q1 2012 operating results were the best first quarter figures it had published in six years.
08.05.2012 Plasteurope.com [222260-0]
Published on 08.05.2012
German version of this article...