Siam Cement will acquire a total of 30.1 percent stake in Indonesia’s Chandra Asri Petrochemical for $417 million, The Wall Street Journal reports. The Thai company will buy a 23 percent stake in the petrochemical company from Apleton Investments, a unit of Temasek Holdings, by paying $318 million.
It will also acquire 7.1 percent stake for $99 million from BT Barito Pacific, which will hold a 59.4 percent stake and will remain a controlling shareholder of Chandra Asri. HSBC Holdings, financial adviser to Siam Cement for the transaction, will become a non-controlling shareholder in Chandra Asri, adds Reuters. Deutsche Bank is advising Temasek on the deal.
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