UNIVAR SOLUTIONS
Investors back sale to investment group / Acquisition in Turkey to boost EMEA business
Shareholders of US chemical distributor Univar Solutions (Downers Grove, Illinois; www.univarsolutions.com) have approved a takeover bid from compatriot investment house Apollo Global Management (New York; www.apollo.com) with an overwhelming majority.
 Investors have greenlit the takeover (Photo: Pexels, Chris F) |
At an extraordinary shareholders' meeting, more than 93% voted to accept the offer of USD 8.1 bn (EUR 7.53 bn). The transaction is expected to be completed by the end of 2023.
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Apollo had expressed interest in buying in March after the collapse of the merger between Univar and German chemical distributor Brenntag (Essen; www.brenntag.com) collapsed.
The investment house is no stranger to the chemical and plastics industry as its portfolio includes Austrian film and packaging manufacturer Adapa, formerly Schur Flexibles (Wiener Neudorf; www.adapa-group.com), and Kem One (Lyon, France; www.kemone.com), Europe’s second-largest PVC manufacturer.
Univar buys Turkish distributor
Shortly before its owners decided to sell, Univar bought Turkish speciality chemicals distributor Kale Kimya (Istanbul; www.kalekimya.com). Nick Powell, Univar’s president of global ingredients and specialities, said the acquisition will strengthen the company’s presence in Turkey and the EMEA region. Financial details were not disclosed.
Kale Kimya specialises in markets for personal care, and home and industrial cleaning. According to its own reports, the Turkish distributor serves the domestic market and exports to Egypt, Israel, the United Arab Emirates, and Lebanon.
Kale Kimya specialises in markets for personal care, and home and industrial cleaning. According to its own reports, the Turkish distributor serves the domestic market and exports to Egypt, Israel, the United Arab Emirates, and Lebanon.
14.06.2023 Plasteurope.com [252906-0]
Published on 14.06.2023
German version of this article...