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Arkema offers to buy Total's Bostik adhesives unit

Reuters - UK Focus

PARIS, Sept 19 (Reuters) - French oil major Total said on Friday it had received an offer from chemicals group Arkema (Paris: FR0010313833 - news) to buy its Bostik adhesives unit for 1.74 billion euros ($2.24 billion).

The offer values Bostik at 11 times the company's earnings before interest, taxes, depreciation and amortisation (EBITDA), the statement said.

In a separate statement, Arkema said the deal will boost its cashflow from the first year and earnings-per-share from the second year.

With sales of 1.53 billion euros, Bostik is the number 3 worldwide in adhesives. (Reporting by Dominique Vidalon; editing by Blaise Robinson)