Shell and BASF to sell Basell joint venture to Access Industries group

May 05, 2005 02:00 AM

Shell and BASF said they are selling their 50:50 joint venture, Basell, to a consortium led by New York-based Access Industries together with The Chatterjee Group for EUR 4.4 bn, including debt.
The transaction is subject to approval by relevant antitrust authorities and is expected to be closed during the second half, it said.

Basell is a manufacturer of polyolefins and polypropylene, as well as a supplier of polyethylene and catalysts. These plastics are used among others in the packaging and automotive industries as well as for consumer goods.
Various options for the joint venture has been under review since July last year. The two companies were close to reaching an agreement with a consortium led by India's Haldia Petrochemicals, backed by the Chatterjee Group and Access Industries.

Basell was established in 2000 in a move to consolidate BASF and Shell's polyolefins businesses across the world.
BASF management board member and head of Basell's supervisory board John Feldmann said, “the strategic divestment will now create additional value for the BASF Group as part of the company's ongoing portfolio management”.
Executive vice president of Shell Chemicals' Fran Keeth said: “The divestment enables Shell to optimise shareholder value and focus on our strategy of leveraging the synergies between oil products and chemicals activities, to strengthen our core portfolio in Europe and North America, and to grow in Asia and the Middle East.”

Basell is headquartered in Hoofddorp, The Netherlands. It is active in more than 120 countries and operations production sites in 21 countries worldwide.
In 2004, Basell posted sales of EUR 6.7 bn.

Source: Forbes
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