BASF buys yet another
Germany-based chemical giant BASF announced it has reached an agreement to buy a division of Germany-based Degussa AG in a $3.2 billion deal. The Division in question manufactures and sells so-called construction chemicals. These include admixtures for concrete making as well as waterproofing, coatings, and flooring. It has emerged as one of the fastest growing segments in the chemicals market. Degussa claims to be the world leader in this segment.
Degussa retains chemicals businesses in supplying such industries as pharmaceuticals, water treatment, paint, cosmetics, and mining. It also manufactures Plexiglass. Degussa was the #1 specialty chemicals company in the world and German coal company RAG has a majority share.
BASF is still bidding around $5 billion for US-based Engelhard Corp., a maker of catalytic converters and chemical products. BASF has bypassed company management and is now making the bid directly to shareholders. If it wins, it will be largest European hostile takeover of an American company.
9:58:11 PM 
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