ChemChina extends public tender offers for Syngenta to March 2

MOSCOW (MRC) -- State-owned China National Chemical Corp (ChemChina) on Tuesday said it has extended its USD43 billion cash offer for Swiss agrichemicals group Syngenta AG to March 2, 2017, reported Reuters.

"As previously stated, extensions to the tender offers are expected to occur until all conditions to the offers are satisfied, including obtaining all applicable regulatory approvals," ChemChina said in a statement.

"All of the other terms and conditions of the tender offers remain unchanged. ChemChina is aiming to obtain the remaining outstanding regulatory approvals in the first quarter of 2017."

This follows a Nov. 1 announcement extending the tender offers to Jan. 5.

As MRC wrote before, in June 2016, ChemChina said it had started the process of substituting equity for part of the loan financing of the offer made by CNAC Saturn, a subsidiary of ChemChina, for shares and American Depositary Shares of Syngenta. A first equity commitment of USD5 billion was made by Feng Xin Jian Da, a fund managed by CITIC Trust, a subsidiary of CITIC Ltd., which is listed on the Hong Kong stock exchange. CITIC and HSBC are the banks handling ChemChina’s acquisition of Syngenta.

The Chinese company reportedly secured a five-Billion-dollar investment from Citic Limited, one of China’s largest state-owned companies, to help fund the Syngenta acquisition. ChemChina said in a statement that would mean it would need fewer loans to finance the USD43-Billion purchase of the Swiss seed and ag chemical company.

Besides, we also remind that in October 2015,

ChemChina produces special chemical materials, basic chemicals, oil refining, agricultural chemistry, rubber products, and chemical equipment.
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MOSCOW (MRC) -- Linde AG and Praxair Inc. announced that the companies intend to combine in a merger of equals under a new holding company through an all-stock transaction, said Hydrocarbonprocessing.

The companies have signed a non-binding term sheet and expect to execute a definitive Business Combination Agreement as soon as practicable. Based on 2015 reported results, the combination would create a company with pro forma revenues of approximately USD30 billion, prior to any divestitures, and a current market value in excess of USD65 billion.

"The strategic combination between Linde and Praxair would leverage the complementary strengths of each across a larger global footprint and create a more resilient portfolio with increased exposure to long-term macro growth trends," said Steve Angel, Praxair’s Chairman and CEO. "We consider this to be a true strategic merger, as it brings together the capabilities, talented people and best-in-class processes of both companies, creating a unique and compelling opportunity for all of our stakeholders."

"Under the Linde brand, we want to combine our companies’ business and technology capabilities and form a global industrial gas leader. Beyond the strategic fit, the compelling, value-creating combination would achieve a robust balance sheet and cash flow and generate financial flexibility to invest in our future," said Professor Dr Aldo Belloni, CEO of Linde.

The combined company would be governed by a single Board of Directors with equal representation from Linde and Praxair. Linde’s Supervisory Board Chairman, Professor Dr. Wolfgang Reitzle, would become Chairman of the new company’s Board. Praxair’s Chairman and CEO, Steve Angel, would become CEO and a member of the Board of Directors.

The combined company would adopt the Linde name and be listed on both the New York Stock Exchange (NYSE) and the Frankfurt Stock Exchange (Prime Standard segment). The new company will seek inclusion in the S&P 500 and DAX indices.

The new holding company would be formed and domiciled in a neutral member state of the European Economic Area ("EEA"), with the CEO based in Danbury, Connecticut USA. Corporate functions would be appropriately split between Danbury, Connecticut and Munich, Germany to help achieve efficiencies for the combined company.

Expectation to complete internal approvals and execute the definitive Business Combination Agreement should happen in the coming months. Execution of a definitive Business Combination Agreement remains subject to confirmatory due diligence, further negotiations and board approvals of both Linde and Praxair.

The Linde Group is a world-leading gases and engineering company with around 62,000 employees in more than 100 countries worldwide.
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MOSCOW (MRC) -- German chemical company BASF has revealed plans to build its first manufacturing plant in Myanmar next year in order to meet demands for construction chemicals, said Chemicals-technology.

Located in Yangon, the commercial capital of Myanmar, the new plant will be designed specifically to manufacture customised construction chemical solutions for the local building market from the company’s Master Builders Solutions portfolio.

BASF Construction Chemicals Division Asia Regional Unit head Christian Mombaur said: "As Myanmar’s construction industry grows more sophisticated in its scope, which includes high-rise buildings, roadways and bridges, the requirement for high-quality technical and construction chemical solutions will increase.

"BASF has a successful track record in supporting major building and infrastructure projects in Myanmar such as Thilawa Special Economic Zone, Yeywa hydropower dam, Myingyan steel mill, and others.

"We can draw on our decades of experience in the region and around the world to support Myanmar’s development in this important sector."

The development of the manufacturing plant project is subject to Myanmar regulatory approvals. The German company opened its service office in Yangon in September last year.

BASF's Construction Chemicals division provides modern chemicals solutions for new construction, maintenance, renovation as well as repair of structures.

The company’s portfolio includes concrete admixtures, chemical solutions for underground construction, waterproofing systems, cement additives, sealants, performance grouts, performance flooring systems, and wood protection solutions.

BASF Construction Chemicals division operates manufacturing sites and sales centres in more than 50 countries worldwide.

BASF is the largest diversified chemical company in the world and is headquartered in Ludwigshafen, Germany. BASF produces a wide range of chemicals, for example solvents, amines, resins, glues, electronic-grade chemicals, industrial gases, basic petrochemicals and inorganic chemicals. The most important customers for this segment are the pharmaceutical, construction, textile and automotive industries. BASF had sales of over EUR74 billion in 2014 and over 113,000 employees as of the end of the year.
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MOSCOW (MRC) -- Russia's output of products from polymers continued to decrease in November 2016 under the pressure of seasonal factors, down by 7.9% from October. However, despite this, overall production increased in the first eleven months of 2016 by 7.1% year on year, reported MRC analysts.

According to the Russian Federal State Statistics Service, November production of plastic pipes, hoses and fittings fell to 38,100 tonnes from 47,200 tonnes a month earlier. Overall output of these products totalled 507,300 tonnes in January-November 2016, up by 4.4% year on year.

Last month's production of unreinforced and non-combined films was 80,400 tonnes, compared to 89,700 tonnes in October. Russia's films output rose by 5.7% year on year in the first eleven months of 2016 to 879,800 tonnes.

November production of boards, sheets and non-porous films decreased to 26,200 tonnes from 27,700 tonnes a month earlier. Overall output of these products grew to 273,100 tonnes in January-November 2016, up by 11.3% year on year.

Last month's production of boards, sheets and porous polymer films was 21,600 tonnes, whereas this figure was 22,600 tonnes a months earlier. Total production of these polymer products increased by 2.8% year on year in the first eleven months of 2016 to 223,800 tonnes.
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MOSCOW (MRC) -- CMC Biologics, a global leader in clinical and commercial manufacturing of monoclonal antibodies, coagulation factors and other therapeutic proteins and AGC Asahi Glass (AGC), a world-leading manufacturer of glass, chemicals and high-tech materials, announced that they have entered into a definitive agreement with CMC Biologics' shareholders including Monitor Clipper Partners, European Equity Partners and Innoven Partenaires, by which AGC will acquire 100% of CMC Biologics' shares, said Reuters.

This acquisition is expected to close in January 2017. Founded in Denmark in 2001, as a start-up company, CMC Biologics has grown to be one of the most valued independent CDMO companies in the world. Today with over 500 employees, two commercial-phase manufacturing facilities, and one early-phase manufacturing facility, CMC is one of the leaders in the biologics CDMO industry.

"With the high level of growth and success that CMC Biologics has had over the last 15 years, I am thrilled that we now will be a central part of AGC's pharmaceutical services business, with biologic manufacturing operations in Europe, U.S.A., and Asia. AGC is a world-class company dedicated to excellence and high customer satisfaction," said David Kauffmann, Chairman of CMC Biologics. "AGC's commitment to best technology solutions and longtime partnership with clients align so well with CMC Biologics' mission to be the preferred biologics CDMO service partner for the world's top pharmaceutical and biotech companies."

"Aligning with AGC's success and long-term business strategy, CMC Biologics is honored to become part of AGC's Life Science Business. We look forward to leveraging on AGC's manufacturing expertise and existing CMO footprint, while continuing to provide innovative solutions to our clients," said Gustavo Mahler, Chief Executive Officer of CMC Biologics. "This transaction provides the ideal ownership for CMC, as AGC fully embraces the goals of customer satisfaction, strong growth and global expansion that define our strategy."

CMC Biologics will retain its distinct brand and independence. There are no anticipated changes in CMC operations, current leadership team or employee base. CMC Biologics continues to be fully committed to delivering the best solutions for our customers.

As MRC informed earlier, Asahi Glass Co Ltd (AGC) has announced that it will increase the production capacity of the polyvinyl chloride (PVC) facility at Phu My Plastics & Chemicals Co Ltd (PMPC), AGC’s subsidiary engaged in PVC business in Vietnam.

Asahi Glass Co., Ltd., more commonly known as AGC, is a global glass manufacturing company, headquartered in Tokyo. It is one of the core Mitsubishi companies.
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