Bayer deal gets dissolved
6 Dec 2002
The October deal between Advent International Corporation and Bayer concerning the sale of Rhein Chemie has been dissolved by common consent.
The parties involved 'were unable to agree on a number of outstanding points', according to Bayer.
The deal, which was valued at 215 million Euros, including assumption of debt, would have included the wholly owned subsidiary iSL-Chemie GmbH & Co. KG of Kürten, Germany, as well as Rhein Chemie affiliates in the US and Japan and a Chinese joint venture in which Rhein Chemie owns a 90% interest.
Bayer said that various strategic options were currently under consideration.
In December 2001, Bayer announced its intention to divest Rhein Chemie and other subsidiaries to focus more closely on its core businesses.
Founded in 1889, Rhein Chemie has been a subsidiary of Bayer AG since 1971. The company is a supplier of specialties to the rubber, lubricant and plastic industries.
