PTT Chemical buys into Cognis Oleochemicals

Thailand-based PTT Chemical International Private (PTTCH), Asean’s leading petrochemical producer, announced that it has acquired a 50% stake in Malaysia-based Cognis Oleochemicals in a deal worth 104 million (US$152.8 million). The wholly owned subsidiary PTTCH entered into the share purchase agreement with Cognis BV, a wholly owned subsidiary of the German-based chemical company that was the former shareholder of Cognis Oleochemicals. ”Our investment in Cognis Oleochemicals represents our strategy to pursue international growth opportunities that leverage our strengths,” said Adithep Bisalbutr, the president and chief executive of PTTCH. The transaction is expected to be completed in late September 2008. The remaining half of Cognis Oleochemicals was retained by its co-founder, Sime Darby Plantation Sdn Bhd, which is a wholly owned subsidiary of Malaysia’s Sime Darby Berhad, the world’s leading palm oil planter and biodiesel supplier. (July 24, 2008)