Solvay's Berezniki soda ash deal in Russia fails.
(ADPnews) - Jun 10, 2010 - Belgian chemical group Solvay SA (EBR:SOLB) announced today the failure of the planned acquisition of a majority stake in a soda ash plant in Berezniki, Russia, as it was unexpectedly bought by a local player.
Sodium Group Investments Limited sold finally its stake in the plant to Russian Bashkhim Group of Companies, although the deal with Solvay was cleared a few days ago by Russia's Federal Antimonopoly Service (FAS). Meanwhile, FAS had authorised also Bashkhim to buy the majority stake.
Solvay announced the deal, worth EUR 160 million (USD 193.3m), in September 2009.
The Berezniki facility has an annual capacity of 500,000 tonnes and is one of the three major soda ash producers in Russia. The plant, which employs 2,200, produces currently only light soda ash.
(EUR 1.0 = USD 1.204)
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|Publication:||ADP News Belgium|
|Date:||Jun 10, 2010|
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