Obbligazioni societarie Monitor bond Chimica Europa

[lorenzo63]

Air Products Extends Airgas Bid Deadline, Again

2 giugno

Air Products has extended the deadline of its $60/share bid to acquire Airgas to August 13, the company announced today. The bid was extended to June 4 in April. The rest of the bid's terms remain the same. About 16,000 Airgas shares have accepted the offer as of June 1, Air Products says. Airgas closed at $62/share on June 1.

 

[lorenzo63]

Air Liquide Buys Syngas Plant from Oxea

Air Liquide has agreed to acquire Oxea's (Oberhausen, Germany) synthesis gas (syngas) plant at Oberhausen and will operate the plant, supplying syngas and hydrogen to Oxea "at competitive terms." The supplies of syngas and hydrogen are covered by a long-term contract that has been signed by Air Liquide and Oxea. The transaction is likely to be effective in July 2010. Financial terms were not disclosed.
Oxea is a producer of oxo-derivatives and has sales of about $1.7 billion/year.

 

[lorenzo63]

Air Liquide to Build World's Largest Helium Liquefier Qatar

Air Liquide has been awarded a contract by RasGas Co. (Doha) for a large turnkey helium extraction, purification and liquefaction unit to be installed at Ras Laffan, Qatar. The new unit will be the largest in the world with production capacity of 38 million cu meter/year of helium and will add to an existing 20 million cu meter/year unit at the site, installed by Air Liquide in 2003. The combined operation will make Qatar a leading producer of helium, accounting for 25% of the global production. Air Liquide will use its proprietary technology to purify and liquefy helium at very low temperature. Air Liquide's Engineering and Construction subsidiary will install the unit. Details relating to cost and completion date have not been revealed.

Air Liquide has at the same time signed an agreement with RasGas and Qatargas (Doha) to purchase 50% of the volume produced by the new unit. Access to this helium source, combined with the acquisition in 2008 of Pure Helium, an international supplier and distributor of helium, will position Air Liquide as one of the main players in the worldwide helium market, the company says.

"Qatar is a strategic supply source of helium for the years to come and Air Liquide will significantly strengthen its worldwide helium supply position as well as its leadership in the Middle East," says Francois Darchis, senior v.p. at Air Liquide and member of the executive committee.

The global helium market is growing at an average of 4%/year with the fastest growth exhibited by the medical, electronics, fiber optics, space and other segments.

 

[lorenzo63]

Ed infine Linde:Linde Reports Improved Earnings on Higher Demand

Linde's first-quarter results benefited from improved demand, the company says. Net income rose 72%, to €198 million, on sales up 7%, to €2.9 billion. Operating profit jumped 19%, to €641 million.
"It looks like the worst is behind us," says CEO Wolfgang Reitzle. "Towards the end of the first quarter in particular, we noticed a marked revival in demand," Reitzle says.
The gases division reported a 15% jump in operating profit, to €625 million, on sales up 9%, to €2.3 billion. Linde says profits rose because of the positive impact of high performance organization, which is the program the company uses "to achieve sustainable process optimization and improved productivity." Sales and profits rose across all regions, Linde says. Sales also improved across all businesses, the company says.

Linde to Build Air Separation Plant in Kazakhstan

ArcelorMittal, the world's largest steel company. The air separation plant will be constructed at ArcelorMittal's Temirtau, Kazakhstan steelworks and will have a capacity of 2,000 m.t./day on completion in mid-2012. It will be the first plant built and operated by Linde for a customer in Kazakhstan and involves an investment of about €95 million.
Linde has signed a long-term contract with JSC ArcelorMittal Temirtau, a subsidiary of ArcelorMittal, to supply the Temirtau steelworks with oxygen and nitrogen gas from the new air separation plant. The unit will partly replace air separation units that ArcelorMittal operates currently. The new air separation plant will also supply liquefied oxygen, nitrogen, and argon to the merchant market in Kazakhstan. "This investment gives us a foothold in Kazakhstan's emerging economy," says Linde board member Aldo Belloni

 

[Imark]

Altra tornata di news che accrediterebbero come molto probabile un deal fra le equity firms che controllano Cognis e BASF in merito alla cessione della prima alla seconda.

Le indiscrezioni vorrebbero il raggiungimento di un preliminary agreement fra le due società..

Il mercato scommette per ora con molta moderazione in un bis dell'operazione Ciba, pure acquistata da BASF in una fase di turbolenza sui mercati...

BASF Said to Reach Accord to Buy Germany’s Cognis (Update1) - BusinessWeek

BASF near agreeing takeover of Cognis: report | Reuters

Ieri volumoni a prezzi fermi: 10 mln e rotti euro scambiati su Francoforte, 3 mln euro su Stoccarda su di un bond che in passato in alcune giornate faceva fatica a fare 300mila euro di scambi, dato un outstanding di poco più di 300 mln euro...

D'altronde, l'upside in caso di successo delle trattative con BASF è molto alto...

 

[lorenzo63]

BASF Reaches Initial Agreement to Buy Cognis

BASF has reached a preliminary agreement to acquire Cognis, reports say. BASF will pay €3 billion-€3.5 billion ($3.8 billion-$4.4 billion) to Cognis’s private equity owners, Goldman Sachs Capital Partners and Permira, subject to the completion of final negotiations, the reports add. All of the companies declined to comment on the reports. BASF started advanced negotiations recently to acquire Cognis (CW, May 10/17, p. 5). A deal could be announced in mid-June, reports say. Separately, BASF has announced that CFO Kurt Bock will succeed Jürgen Hambrecht as BASF chairman next year..

 

[lorenzo63]

Solvay Eyes Acquisition

Solvay may be considering an acquisition bid for specialty chemicals firm Croda International (Goole, U.K.) or flavors and fragrances maker Symrise (Holzminden, Germany), a recent Wall Street Journal report says. Further details were not disclosed. Solvay has cash to spend after selling its pharmaceuticals business last February and it is seeking acquisitions in high-growth businesses and regions. Arkema, Clariant, Rhodia, and Umicore were earlier named as possible targets for Solvay.

 

[Imark]

BASF has reached a preliminary agreement to acquire Cognis, reports say. BASF will pay €3 billion-€3.5 billion ($3.8 billion-$4.4 billion) to Cognis’s private equity owners, Goldman Sachs Capital Partners and Permira, subject to the completion of final negotiations, the reports add. All of the companies declined to comment on the reports. BASF started advanced negotiations recently to acquire Cognis (CW, May 10/17, p. 5). A deal could be announced in mid-June, reports say. Separately, BASF has announced that CFO Kurt Bock will succeed Jürgen Hambrecht as BASF chairman next year..

Però c'è molta incertezza sul deal ... infatti prevale il "ma-anchismo"... Cognis starebbe trattando con BASF, ma anche con aziende USA... la proprietà starebbe trattandone la vendita, ma anche un'IPO...

Il punto è che se la vendita non va a buon fine, l'IPO potrebbe non essere praticabile in condizioni di mercato azionario "turbolento"... Cognis è piena di debiti...

 

[lorenzo63]

Si.
Vero: c'era stata una pensata circa farla diventare una public company....Vero anche che è piena di debiti: per avere il bilancio mi sono dovuto iscrivere ... e mi è arrivata .... una cosa aggiustata, che si trova nel sito.
Ma è vero anche che Basf ha necessità di avere o trasformare il suo business in attività a + elevato valore aggiunto.
E alcune (alcune!) cose di Cognis potrebbero interessare.
Fatto salvo che le potrebbe pagare un po' troppo care....imho eh....Ma mamma Basf nn sempre nelle acquisizioni ci ha preso. Nelle vendite direi di si, invece...
Il tutto sempre e come sempre imho...

 

[Imark]

Si.
Vero: c'era stata una pensata circa farla diventare una public company....Vero anche che è piena di debiti: per avere il bilancio mi sono dovuto iscrivere ... e mi è arrivata .... una cosa aggiustata, che si trova nel sito.
Ma è vero anche che Basf ha necessità di avere o trasformare il suo business in attività a + elevato valore aggiunto.
E alcune (alcune!) cose di Cognis potrebbero interessare.
Fatto salvo che le potrebbe pagare un po' troppo care....imho eh....Ma mamma Basf nn sempre nelle acquisizioni ci ha preso. Nelle vendite direi di si, invece...
Sempre e come sempre imho...

Sono d'accordo ... in effetti, a me pare molto caro il prezzo chiesto per Cognis, atteso peraltro che BASF è solita farsi carico per intero del debito delle società che acquista... Cognis ha in pancia attività interessanti, il problema resta appunto quello del debito...

Per concludere che in altri tempi una scommessina su Cognis l'avrei fatta volentieri, adesso se salta il deal con BASF, il titolo va a picco... certo, se invece andasse a buon fine...