Aditya Birla Group to buy Columbian Chem: Report
Aditya Birla Group has reached an agreement to buy US-based Columbian Chemicals for about USD 800 million, the Economic Times reported on Monday, citing unnamed sources with direct knowledge of the deal.
January 31, 2011 / 12:03 IST
Aditya Birla Group has reached an agreement to buy US-based Columbian Chemicals for about USD 800 million, the Economic Times reported on Monday, citing unnamed sources with direct knowledge of the deal.
The newspaper said an announcement may be made early this week, and added that the transaction may be backed with funding from Standard Chartered and Deutsche Bank.Officials at Aditya Birla Group were not immediately available for comment.The paper said the Group, which had simultaneously placed bids for two of the world's three largest carbon black assets, would likely pull out from the race to buy Germany's largest speciality chemicals maker Evonik Industries. Cabot Corp, Evonik and Columbian are the largest manufacturers of the chemical, primarily used to increase durability in tyres and as a raw material in paints, the newspaper said. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
