Dow Chemical said to eye Lanxess
Feb 07, 2013 (M&A Navigator via COMTEX) --
(C)2013 M2 COMMUNICATIONS http://www.m2.com
7 February 2013 - The Dow Chemical Co (NYSE:DOW) plans to make an offer to buy German chemical company Lanxess AG (ETR:LXS), according to an unnamed trader cited by Reuters on Thursday.
The source told the news agency of market talk claiming that Dow Chemical could offer a price per share of between EUR70.00 (USD95.00) and EUR80.00 for Lanxess. The German target has a current market value of EUR5.1bn.
The speculation sent Lanxess' shares up 5% in early trade today to EUR64.40.
US' Dow Chemical and Lanxess provided no comment to Reuters.
The German company is involved in the production of rubber and plastics, industrial and fine chemicals and process and functional chemicals.
Target: Lanxess AG
Buyer: The Dow Chemical Co
Type: Corporate acquisition
Status: Bidding, Speculation