PetChem acquires European specialty chemicals firm

PETALING JAYA: Petronas Chemicals Group Bhd (PetChem) has proposed to acquire the entire equity interest in Perstorp Holding AB, a leading sustainability-driven global specialty chemicals company, for €1.54bil (RM7bil).

The company said in a statement it signed a securities purchase agreement with European private equity firm Financière Forêt S.à.r.l on May 14 for the proposed acquisition which valued Perstorp Group at an enterprise value of €2.3bil (RM10.5bil).