Highly absorbent diaper chemicals, so-called superabsorbents, are manufactured by companies such as Evonik. He now wants to sell the business.
(Photo: dpa)
Frankfurt According to financial sources, Evonik is on the home stretch in the sales process for its business with superabsorbents, highly absorbent plastics used in diapers. Financial investors Aurelius, Opengate Capital and Pacific Avenue have submitted final bids valuing the deal at between EUR 200 million and EUR 250 million, people familiar with the transaction said.
According to financial circles, Evonik had originally hoped for about twice as much, but the deal had hardly aroused any interest from its competitors. Rivals who were initially in the auction process, such as Hyundai Oilbank of South Korea, had dropped out. A final decision on the sale is still pending.
However, industry experts expect that Evonik could accept a low sales price in order to draw a line under the non-core business unit. Evonik and the bidders declined to comment or were initially unavailable.
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