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British chemical firm Ineos nears deal to buy Sika assets - Bloomberg News

Reuters
Updated ·1-min read
FILE PHOTO: A logo is pictured in the headquarters of INEOS chemicals company in Rolle

(Reuters) -British chemical firm Ineos is nearing a deal to buy assets being sold by Sika AG to appease antitrust regulators, Bloomberg News reported on Sunday, citing people familiar with the matter.

In December, Sika and Germany-based MBCC Group received UK regulatory approval for their 4.5 billion pound ($5.50 billion) merger on the condition they sell a part of the business to address competition concerns.

The deal values the Swiss chemical firm's admixture business at $750 million and could be announced as soon as Monday, the report said.

Ineos beat private equity firms including Cinven, CVC Capital Partners and Clayton, Dubilier & Rice (CD&R), Bloomberg said.

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Ineos, Sika and Cinven declined to comment when contacted by Reuters. CVC Capital Partners and Clayton, Dubilier & Rice did not immediately respond to Reuters' requests for comment.

($1 = 0.8179 pounds)

(Reporting by Shubhendu Deshmukh in Bengaluru; Editing by Christina Fincher and Richard Chang)