June 1, 2005
Basell bid brings billions
A consortium led by Access Industries and The Chatterjee Group will pay $5.7 (€4.4) billion to Royal Dutch/Shell and BASF as they agreed to sell their Basell 50/50 joint venture.
Netherlands-based Basell is the world's top producer of the plastic polypropylene. Shell and BASF established Basell as an independent company in 2000 to consolidate their polyolefins businesses across the world. In July 2004, the two companies said they were going to review options for the joint venture.
Polypropylene has a range of applications from car dashboards to packaging. Basell has global operations, selling its products in 120 countries.
Access is based in New York, and Chatterjee is a privately held U.S.-based investment company with a presence in India. Officials expect to close the deal in the second half this year.