Westlake Chemical plans to close Axiall acquisition by end of August
Texas-based Westlake Chemical is planning to complete the purchase of Atlanta-based Axiall by the end of this month, following receipt of approval from shareholders.
Axiall and Westlake have secured all regulatory approvals for the deal, including approval from both the US and Canadian competition authorities.
Earlier this month, Axiall filed a definitive proxy statement with the United States Securities and Exchange Commission to notify its shareholders of a special meeting to be held on 30 August to vote on the transaction.
Westlake Chemical Corporation is manufacturer of petrochemicals, polymers and building products.
Its headquarters is located in Houston, Texas.
Westlake's range of products includes ethylene, polyethylene, styrene, propylene, caustic, VCM, PVC suspension and specialty resins, as well as PVC building products.
In June, Westlake Chemical signed a definitive agreement to acquire all of the outstanding shares of Axiall for $33 per share in an all-cash transaction, which represents an enterprise value of around $3.8bn, including debt and certain other Axiall liabilities.
Following the merger, the entity will be a leading producer of chlor-alkali and PVC in North America, with expected combined pro forma revenues of $7.6bn and EBITDA of $1.5bn for the last 12 months ended Q1 of 2016.