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BorsodChem: Permira to withdraw in two years´ time

Hungarian chemicals company BorsodChem (Kazincbarcika; www.borsodchem.hu) could well be Chinese-owned in two years’ time. After months of wrangling, current majority shareholders – private equity investor Permira (Frankfurt / Germany; www.permira.com) and Vienna Capital Partners (VCP, Vienna / Austria; www.vcpag.com) – have decided to give minority shareholder Yantai Wanhua Polyurethane (Yantai, Shandong / China; www.ytpu.com) an option to acquire all shares currently held by Permira and VCP.

In exchange Wanhua will extend an immediate loan of EUR 30m, followed by an additional EUR 110m within a few weeks. The companies have not provided any further financial details of the deal.

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