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Name | Symbol | Market | Type |
---|---|---|---|
Lanxess AG (PK) | USOTC:LNXSY | OTCMarkets | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
1.53 | 31.35% | 6.41 | 3.35 | 6.60 | 6.41 | 6.14 | 6.14 | 1,509 | 21:08:30 |
By Michael Dabaie
Bayer AG (BAYN.XE) and specialty chemicals company Lanxess AG (LXS.XE) said they would sell their stakes in German chemical-park operator Currenta to funds managed by Macquarie Infrastructure and Real Assets.
Currenta manages and operates infrastructure, energy supply and other essential services across the chemical parks in Leverkusen, Dormagen and Krefeld-Uerdingen. Bayer has 60% of the joint venture and Lanxess 40%.
Currenta, including a transferred real estate portfolio by Bayer, has a total enterprise value of EUR3.5 billion before deduction of net debt and pension obligations, the companies said.
Bayer is selling real estate and infrastructure for EUR180 million. Bayer said its 60% stake in Currenta has an equity value of about EUR1.17 billion.
Bayer expects its part of the transaction to close in the fourth quarter of 2019, while Lanxess expects its transaction to done by the end of April 2020. Lanxess is one of Currenta's main customers and will provide MIRA with operational support during the transition phase. Lanxess's stake has an equity value, after deduction of net debt and pensions, of about EUR780 million pre-tax.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
August 06, 2019 15:53 ET (19:53 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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