Lubrizol Still In Running For Cognis Alongside BASF -Sources
May 17 2010 - 11:49AM
Dow Jones News
U.S. specialty chemicals company Lubrizol Corp. (LZ) is still in
the running to buy German rival Cognis GmbH, people familiar with
the situation told Dow Jones Newswires Monday.
"Contrary to various reports, Lubrizol is still -- as before --
interested in Cognis," one person said.
Another person familiar with the matter said Lubrizol is still
seeking financing for the reported sale price of more than EUR3
billion.
Cognis was spun off of German household consumer products maker
Henkel AG & Co. KGaA (HEN.XE) and is owned by Goldman Sachs
Capital Partners and London-based private equity firm Permira who
bought the company for EUR2.5 billion in 2001.
German chemicals company BASF SE (BAS.XE) is conducting due
diligence of Cognis, another person familiar with the bid process
has told Dow Jones. BASF is the most likely buyer because of its
financial strength, people said.
Neither Goldman Sachs or Permira would comment on the
information Monday.
In March, Cognis said it swung to a net profit of EUR47 million
for the first quarter compared with a loss of EUR33 million in the
same period last year.
Company websites: http://www.basf.com
http://www.cognis.com
http://www.lubrizol.com
-By Marietta Cauchi and Eyk Henning, Dow Jones Newswires; +49 69
29 725 500, marietta.cauchi@dowjones.com and
eyk.henning@dowjones.com
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