Wednesday 3 June 2015

Evonik Industries said to have lined up multi-billion EURO/CHF debt financing package for acquisition deal; Clariant primary takeover target

Clariant's shares were down almost 5pc yesterday after Evonik's largest shareholder appeared to shoot down the likelihood of the German company making a move on the Swiss chemicals group.

Here is a link to the Bloomberg piece on the topic:

So, I have been doing a fair bit of digging around as the scenario is starting to do my head in a bit, with rampant speculation about a number deals or non-deals whipping round the market on a daily basis.

According to some of my best sources, it turns out that Evonik - the German chemicals company - has tapped up a number of banks, including Citigroup, Societe Generale and Barclays, for a multi-billion Euro/Swiss Franc billion debt financing package. Why? Because the German company has been considering a sizeable acquisition, with Clariant the number one takeover target for Evonik.

According to my people familiar with the matter, Evonik had been weighing a CHF 24 a share all cash offer for Clariant, whose market capitalisation stands at almost CHF 7 billion, and even considered going hostile.

Indeed, followers of this situation will recall Clariant's public opposition to a takeover by Evonik, so I can understand why the German company may want to put an offer direct to Clariant's shareholders.

Now, I realise I got into this story/situation when I wrote a piece a few weeks about how Evonik had 'shifted its gaze' to Dutch chemicals company Royal DSM. Here is a link:

Although I reckon the story was accurate at the time of publication it was classified as RARE. For reader's that don't recall what RARE is, here is the definition:

Market gossip that hasn't been tested through all formal journalistic channels (public relations executives, lawyers, bankers, industry executives, board members etc). The rumour might be total codswallop but then again there may be something in it, so it's worth airing on Betaville.  

This update, however, is not RARE.

I have asked an Evonik spokesperson for a comment on my latest update. The spokesperson politely declined to comment.


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