BASF, Shell complete 4.4-bln-euro Basell sale
Mon Aug 1, 2005 07:40 AM ET
FRANKFURT, Aug 1 (Reuters) - BASF and Royal Dutch/Shell have completed the sale of their Basell plastics joint venture to New York-based Access Industries, the companies said on Monday.
The companies confirmed that the sale price totalled 4.4 billion euros ($5.32 billion), including debt.
BASF, the world's top chemicals company by sales, wanted to sell the 50:50 joint venture to focus on other plastics businesses, while Shell wanted to withdraw from lower-margin chemicals.
Basell is based in the Netherlands and had sales of 6.7 billion euros last year. The company employs 6,600 staff, including about 5,200 in Europe and 1,000 in North America.
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