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Issue 16/2018 - LANXESS plans to sell ARLANXEO shares to Saudi Aramco

 Last Update: 2022-11-11
 Source: Internet
 Author: User

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LANXESS plans to sell ARLANXEO shares to Saudi Aramco On August 9, LANXESS announced that it plans to sell 50% of its ARLANXEO shares
to its joint venture partner Saudi Aramco, and the two parties have signed a transaction agreement
.
The transaction is subject to approval by the relevant antitrust authorities and is expected to be officially completed
by the end of 2018.
After deducting borrowings and other financial liabilities related to its 50% stake, LANXESS expects to generate approximately EUR 1.
4 billion in revenue
from the transaction.
The company plans to use the revenue to strengthen its financial base and reduce its net debt
.

Chang Mutian, Chairman of the Board of Management of LANXESS, said: "This planned transaction will allow us to focus even more on consolidating our leading position
in the medium-sized specialty chemicals market.
At the same time, we will build resilience and financial fundamentals to ensure greater strategic flexibility and prepare
for future growth.
”

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