Arkema plans Total adhesives takeover
19 Sep 2014
Total today announced it had received a €1.74 billion (£1.36bn) bid from French chemicals giant Arkema for its adhesives business Bostik, which has two sites in the UK.
Arkema’s offer values Bostik, whose adhesive brands include Blu Tack and Evo-Stik, at around 11 times the company’s annual pre-tax earnings.
“In light of the quality” of the offer, said a Total statement today, it had granted Arkema “an exclusivity period to pursue the offer”.
A former Total chemicals division itself and now France’s biggest chemicals company, Arkema is aiming to become a world leader in specialty chemicals.
Its growth strategy is based on innovation, an increased presence in emerging markets and targeted acquisitions in new activities.
Bostik is the world’s third largest adhesives company, with leadership positions in the industrial, hygiene, construction, consumer and professional retail sectors.
It has 48 production facilities across the globe, including two in the UK at Leicester and Stafford, producing, among others, the market-leading brands Blu Tack and Evo-Stik.
