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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
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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.

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