Share price of BASF jumped over 4 percent intraday on December 23 after the company agreed to sell its construction chemicals unit for euro 3.17 billion.
BASF SE, Germany, parent company signed a purchase agreement with an Affiliate of Lone Star, a global private equity player, for the acquisition of BASF's construction chemicals business. The purchase price on a cash and debt-free basis is euro 3.17 billion. The transaction is expected to close in the third quarter of 2020, subject to approval of the relevant competition authorities, the company said in a filing to the exchanges.
BASF’s construction chemicals unit is the world’s largest maker of additives for concrete. It also offers a range of substances including concrete repair fillers, grouts and sealants under a business dubbed Construction Systems.
At 09:39 hrs, BASF India was quoting at Rs 998.00, up Rs 41.20, or 4.31 percent. It has touched an intraday high of Rs 1,011.70 and an intraday low of Rs 955.80. The stock also witnessed spurt in volume by more than 1.35 times.
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