Sasol to sell stake in U.S chemicals business to LyondellBasell for $2 billion

said on Friday chemical company LyondellBasell Industries N.V. had agreed to acquire a 50% stake in its Lake Charles Chemical Project Base Chemicals Business for $2 billion.

The world’s top manufacturer of motor fuel from coal has been battling high debt and lower oil and chemicals prices, prompting it to search for a partner at its U.S Base Chemicals Business and issue up to $2 billion of shares. “The transaction will represent a significant step towards achieving Sasol’s strategic and financial objectives by materially reducing net debt, and catalysing a rapid shift towards the future Sasol strategy,” the company said.

The value of the assets was $3.9 billion and recorded a loss of $2.3 billion for the year ended June 30, Sasol said.

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Palantir's founders' stakes combined are worth $4.9 billion - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. defense department company thiel pure monster
Source: BusinessInsider - 🏆 729. / 51 Read more »

Goldman Sachs lands $2.5 billion GM credit card business: report - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »