Permira maintains plan to buy BorsodChem


Permira Advisers LLP, a UK buyout company planning to purchase BorsodChem Nyrt, said it finished studying BorsodChem's books and still planned to make a public offer for the company's shares.Permira plans to make the bid through Kikkolux, its Luxembourg-based unit. Kikkolux maintained its intention to bid for the shares in the Hungarian PVC maker after the “positive findings” of the examination, BorsodChem said in a stock exchange statement today. The bid will depend on the outcome of talks on financing, the statement said. “We concluded the due diligence positively,” Thomas Jetter, the head of Permira's chemical division, said in a phone interview. “We confirmed BorsodChem's business plan.”

London-based Permira said in July it wants to acquire BorsodChem in a takeover that would value the company at about 228.5 billion forint ($1 billion). Permira's Kikkolux has the option to buy BorsodChem stakes from Firthlion Ltd., owned by Megdet Rahimkulov, one of Hungary's richest men, and Vienna Capital Partners, an Austrian investment company. Permira has an option to purchase the stakes from the two shareholders at a price of 3,000 forint per share. It would buy remaining shares in the Hungarian company at the same price, Permira said in a July 7 statement. The buyout company is not planning to change the offer price, Jetter said today. He couldn't say when Permira would exercise its existing option for the BorsodChem stakes. Jetter declined to say when Permira would publish its public offer for BorsodChem. The UK company may make the public offer by the middle of September, he said July 13. (, Bloomberg)


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