LANXESS signs agreement to transfer the remaining shares in the joint venture ARLANXEO to Saudi Aramco
Specialty chemicals group LANXESS signed an agreement with Aramco Overseas Holdings Coöperatief U.A. (Saudi Aramco) about the early transfer of all shares in the rubber joint venture ARLANXEO to Saudi Aramco. Currently, LANXESS und Saudi Aramco each own 50% of ARLANXEO who is a manufacturer of synthetic rubber.
The Enterprise Value of the entire Joint Venture amounts to Euro 3.0 billion. LANXESS expects to receive approximately Euro 1.4 billion in cash after deducting debt and other financial liabilities.
The transfer of shares to Saudi Aramco is still subject to approval of the relevant anti-trust authorities. At the same time, information or consultation of the competent employee representative bodies will take place. Closing is expected end of 2018.