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Permira says BorsodChem not for sale

British private equity fund Permira confirmed local media reports that it is not planning to sell Hungarian chemicals firm BorsodChem, for at least another 3-4 years.

China's Wanhua Industrial Group said earlier this month that it was seeking to buy a stake in BorsodChem as a strategic investor. The Chinese company said that it was seeking 'a consensual deal, which includes facilitating Permira's ultimate exit from ownership of BorsodChem. But Permira said it did not plan an immediate exit. Ulrich Porwollik, a head of communications at Permira in Germany, confirmed the report in Világgazdaság.

Permira has long term goals with BorsodChem, Christian Neuss, partner at Permira was cited by the paper as saying. He said once an economic recovery starts in the world, the company will be able to return to growth again.

The paper also cited BorsodChem Chairman Chief Executive Wolfgang Buchele as saying that Wanhua can come in as a partner of BorsodChem but not as a majority owner. (Reuters)