BASF India has gained 5% to Rs 1,060 on the BSE after the company announced that it has received information from its parent company, BASF SE, Germany that globally BASF has signed an agreement to acquire Albermarle’s global surface treatment business of Chemetall for a purchase price of $ 3.2 million.
In India, Chemetall operates through its subsidiary company viz. Chemetall India Private Limited, which generated a turnover of approximately $24 million in 2015.
For the calendar year 2015, the global sales of Chemetall were $845 million. The said transaction is subject to approval by the relevant authorities and is expected to close by the end of 2016.
The chemicals manufactured by Chemetall are used in wide range of industries and end-users, primarily automotive, aerospace, coil and metal forming.
At 10:07 AM, the stock was up 3.5% at Rs 1,046 on the BSE, as compared to 0.17% rise in the S&P BSE Sensex. A combined 27,467 shares changed hands on the counter on the BSE and NSE so far.
Source: Business-Standard