Saudi Aramco completed acquisition of a 50% stake in Arlanxeo from Lanxess for €1.5bn.
Saudi Aramco, a world-leading integrated energy and chemicals company, completed the acquisition of Lanxess‘s interest in Arlanxeo, a Netherlands-based specialty chemicals joint venture between Saudi Aramco and Lanxess, a leading German specialty chemicals company, launched in 2016. All relevant authorities have granted approvals for the transaction which was first announced in August 2018.
Saudi Aramco’s purchase of Lanxess's 50% share in Arlanxeo, valued at €1.5bn ($1.7bn) on an enterprise value basis, makes it 100% owner of Arlanxeo, enabling further diversification of Saudi Aramco’s downstream portfolio, and strengthening the company’s capabilities across the energy and chemicals value-chain.
Abdulaziz Al-Judaimi, Saudi Aramco Senior Vice President of Downstream, commented on the acquisition by saying: "Full ownership of Arlanxeo will further diversify Saudi Aramco’s downstream portfolio and strengthen capabilities along the energy and chemicals value chains. I am positive about the upside and the future of product innovation that will serve our customers around the world."
Ellaktor, a multinational Greek construction group, decided to absorb its subsidiary EL.TECH. Anemos, which is active in the development, construction and operation of wind farms. The proposed share exchange is 1.27 new ordinary Ellaktor shares having a nominal value of €1.03 ($1.18) for every 1 EL.TECH. Anemos existing ordinary share having a nominal value of €0.30 ($0.34). The proposed Ellaktor/EL.TECH. Anemos share exchange ratio is 8.9% higher than the closing EL.TECH. Anemos share price.
The merging companies are expected to enjoy multiple benefits as a result of the merger. Given Ellaktor's leading role in the Greek infrastructure sector, the combined entity is set to benefit from Ellaktor's long-term business outlook, broadening its growth prospects and providing minority shareholders with the opportunity to participate in any future share price appreciation. At the same time, the combined entity's trading liquidity is expected to improve.
Rothschild & Co and Bernitsas Law Firm advised Ellaktor.
Israeli regulator to approve Leumi Card sale to Warburg Pincus for NIS2.5bn. (FS)
Israel’s banking regulator said on Monday Warburg Pincus had been found to be “fit and proper” to buy Bank Leumi’s credit card unit, paving the way for the deal to be completed.
Leumi, which owns 80% of Leumi Card, and property developer Azrieli Group, which owns 20%, announced in July they had agreed to sell the business to the US private equity firm for NIS2.5bn ($683m).
“We have already the finished review of Warburg Pincus and they are fit and proper to buy Leumi Card from the banking supervisor’s standpoint,” Supervisor of Banks Hedva Ber told a business conference. “We are going to recommend to the Bank of Israel governor to give them a license. The divestment is going ahead.”
Italy’s doBank agreed to buy 85% of Altamira Asset Management, valuing the entire company at €412m ($471m) in a bid to create a leading European credit manager. doBank’s stake in Altamira could rise to 100% if Spain’s Banco Santander, which holds the remaining 15%, exercises its tag-along rights provided for in an existing agreement before the closing of the deal.
With assets under management of around €55bn ($63bn) and operations in Spain, Portugal, Cyprus and Greece, Altamira is expected to help doBank create a leading operator in credit management and real estate services for banks and investors in Europe.
Mediobanca, UBS, Ashurst, Oliver Wyman and PwC advised doBank.
Croda International, a British specialty chemicals company, completed the €72m ($82m) acquisition of Brenntag Biosector, from Brenntag Nordic, the global market leader in chemical distribution. The deal was initially announced on December 17. Biosector is a specialist in the manufacture and supply of adjuvants serving the human and veterinary vaccine market.
Chief Executive of Croda, commented: "Biosector is a rare asset, in a high value, fast-growing sector of the global pharmaceutical market. With an experienced high-quality team, Biosector brings world-class protected technologies and industry-leading manufacturing facilities. Furthermore, the strong cultural alignment between Biosector and Croda enhances our highly technical-based sales approach and emphasis on value over volume. The opportunity to quickly build upon Biosector's impressive track record to date is enormously exciting and we look forward to welcoming the team to Croda."
SOCAR to buy EWE’s energy business in Turkey.
SOCAR, a wholly state-owned national oil and gas company headquartered in Baku, Azerbaijan, is expected to acquire the Turkish energy business of EWE, a German energy company. SOCAR has a petrochemical plant and oil refinery in Turkey and has said it wanted to acquire gas distribution networks in 2019. The company’s goal is to possess 20% of the Turkish natural gas market. The purchase price has not been disclosed.
“We expect the purchase to be completed in the first quarter, we can confirm this,” an official from SOCAR’s Turkish unit said when asked by Reuters about a purchase of EWE’s energy business in Turkey.
Medco Energi in talks to acquire Ophir Energy.
Britain’s Ophir Energy, an upstream oil and gas exploration and production company focused on Asia and Africa, is in talks regarding a possible all-cash takeover by Medco Energi, a publicly listed Indonesian oil and gas company. Ophir’s capitalization currently stands at about £252m ($320m).
Under British takeover rules, PT Medco Energi Global has until January 28 to make a firm offer or walk away.
