Celanese and DuPont sign chemical mega-merger
Celanese (NYSE: CE) agreed to buy most of DuPont's (NYSE: DD) mobility and materials business for $11 billion in cash, reportedly beating out private equity firms like Apollo Global Management and Carlyle.
Why it matters: This is the chemical industry's largest merger in two years, and the richest ever for Irving, Texas-based Celanese.
Details: The unit last year generated around $5 billion in revenue, and mostly focuses on making polymers and resins for auto applications. DuPont announced its sale intentions last November, upon agreeing to buy Rogers Corp. for $5.2 billion.
The bottom line: "The deal, DuPont's biggest since its split from DowDuPont, furthers CEO Ed Breen's strategy of doubling down on the company's electronics and water solutions businesses." — Reuters