The BI-ME eNewsletter
LOGIN:
Abu Dhabi's IPIC in talks to buy Bayer unit
Source: BI-ME and Reuters , Author: BI-ME staff
Posted: Tue November 17, 2009 10:17 pm
www alibaba.com
Meet worldwide manufacturers, wholesalers
& importers
in Alibaba now!

UAE. Abu Dhabi's International Petroleum Investment Co (IPIC) is in talks to buy Bayer's MaterialScience division, chemicals trade publication ICIS reported, citing IPIC Managing Director Khadem al-Qubaisi.

IPIC was in talks with a further four European and US chemical makers, and expects to close a European acquisition by the first quarter of 2010, IPIC said in its online edition on Tuesday.

A Bayer spokesman told Reuters the company would not comment on "market speculation."

Bayer MaterialScience accounted for 24% of Bayer's nine-month sales and for 7.3% of Bayer's adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA).

IPIC is wholly owned by the government of Abu Dhabi. Its mandate is to invest in the hydrocarbon sector outside of Abu Dhabi.  IPIC has become one of the leading companies in the field of petroleum and energy investment since its inception in 1984.

IPIC holds equity stakes in Borealis and OMV in Austria and Germany (1998 and 1994, respectively), Aabar in Abu Dhabi (2008), Hyundai Oilbank in South Korea (1999), Gulf Energy Maritime in Dubai (2004), CEPSA in Spain (1988), Oman Polypropylene in the Sultanate of Oman (2006), PARCO Refinery in Pakistan (1995), SUMED Company in Egypt (1995), Energia De Portugal in Portugal (2008), COSMO Oil in Japan (2007), MAN Ferrostaal in Germany (2008) and Oil Search in Australia (2008).

Its estimated net worth is more than US$14 billion.

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: September 2, 2010
INTERNATIONAL. The triangle pattern has taken nearly 9 months so far, and a move over US$19.50 could start a multi-month run targeting US$26-US$29 per ounce for starters before a broad pullback.
date:Posted: September 1, 2010
UAE. Given the recent developments in Saudi Arabia and India, there is now a greater level of hope that the TRA and RIM will reach an agreement about the manner in which BB Messenger services are provided.
date:Posted: September 1, 2010
UAE. GCC Telecom markets are on the verge of saturation, while prices decline due to increasing competition, resulting in telcos profits being under very high pressure.