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Lotte Chemical makes bid for Axiall
HOUSTON, June 7, 2016 (PCW) –- Lotte Chemical is making a bid to buy Axiall Corporation, according to a regulatory filing made Tuesday. Axiall is already the subject of a hostile takeover bid by Westlake Chemical.
Lotte’s bid is said to be around $3.1 billion, at parity with Westlake’s last offer.
Lotte and Axiall have partnered to build a 2.2 billion lb/yr ethane cracker in Lake Charles that could come online as early as the end of 2018.
In late January, Westlake made a $2.9 billion offer to buy Axiall, upping the asking price to $3.1 billion in April, which was rejected by Axiall. Westlake said in late May it would submit a revised buyout plan by June 3. However, Westlake intends to go ahead with its attempt to vote in a new board of directors for Axiall during the latter company’s annual meeting on June 17. -- Samantha Hartke