過年這幾天化工行業(yè)最大的并購新聞，利安德巴塞爾22.5億美元收購舒爾曼，舒爾曼是美國一家改性塑料公司，市值相當(dāng)于一個(gè)金發(fā)科技（金發(fā)目前市值161億）。
利安德巴塞爾將支付每股42美元，比舒爾曼周三收盤價(jià)高8.7％。舒爾曼的股票在開盤前交易價(jià)格為42.15美元。這筆交易是在化學(xué)品行業(yè)大規(guī)模兼并浪潮中進(jìn)行的。陶氏化學(xué)和杜邦去年完成了1300億美元的合并，形成了DowDuPont，而中國化工以430億美元收購了瑞士種子集團(tuán)Syngenta。包括A. Schulman現(xiàn)有的債務(wù)在內(nèi)，這筆交易價(jià)值22.5億美元。預(yù)計(jì)合并后的公司將節(jié)省1.5億美元的運(yùn)行費(fèi)用。這些公司表示，這筆交易將在完成后的第一年增加收入。
分析師Pickering表示，三點(diǎn)原因促成交易：1:強(qiáng)強(qiáng)聯(lián)合，市場第三名和第四名聯(lián)合將取代普立萬成為龍頭；2：價(jià)格比較有吸引力；3：優(yōu)勢互補(bǔ)；
The first is that it allows the buyer to expand in an area it already knows well. The deal combines number-three LyondellBasell with number-four Schulman in the plastics compounding business, which will displace PolyOne Corp. as the market leader.
"We believe the scale should make targeted cost synergies of $150mm [million] achievable as well as lead to potential revenue opps [opportunities]," the analysts said.
The second reason is that the transaction comes at an appealing price. The analysts estimate that including synergies but taking out $25 million in interest savings from paying off A. Schulman's high-cost debt, Lyondell is paying only a 6.3 times multiple on long-term earnings before interest, taxes, depreciation and amortization, or Ebitda, below its own 7 to 8 times multiple.
Their third reason for liking the deal is that it doesn't involve Braskem. They think such a combination would boost LyondellBasell's commodity olefin and polyolefin capacity into a potentially weakening fundamental environment. Meanwhile, Schulman would nearly double its specialty compounding Ebitda and diversity its portfolio, which is almost entirely focused on automotive end markets (90% of its sales, they say).
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全球最大的塑料，化學(xué)品和精煉公司之一的利安德巴塞爾（紐約證券交易所股票代碼：LYB）和全球領(lǐng)先的高性能改性塑料，復(fù)合材料和母料供應(yīng)商A. Schulman，Inc.（納斯達(dá)克股票代碼：SHLM）今日宣布他們已達(dá)成一項(xiàng)最終協(xié)議，據(jù)此LyondellBasell將以總值22.5億美元收購A. Schulman。此次收購以LyondellBasell在此領(lǐng)域的現(xiàn)有平臺(tái)為基礎(chǔ)，旨在打造具有廣泛地域影響力，領(lǐng)先技術(shù)和多元化產(chǎn)品組合的首屈一指先進(jìn)聚合物解決方案業(yè)務(wù)。
LyondellBasell (NYSE: LYB), one of the largest plastics, chemicals and refining companies in the world, and A. Schulman, Inc. (NASDAQ: SHLM), a leading global supplier of high-performance plastic compounds, composites and powders, today announced that they have entered into a definitive agreement under which LyondellBasell will acquire A. Schulman for a total consideration of $2.25 billion. The acquisition builds upon LyondellBasell's existing platform in this space to create a premier Advanced Polymer Solutions business with broad geographic reach, leading technologies and a diverse product portfolio.
利安德巴塞爾是全球最大的乙烯和氧化丙烯生產(chǎn)商之一。 Channelview建筑群是美國墨西哥灣沿岸最大的石化設(shè)施之一，占地近3,900英畝。
About LyondellBasell 全球最大石化公司之一
LyondellBasell (NYSE: LYB) is one of the largest plastics, chemicals and refining companies in the world. Driven by its 13,000 employees around the globe, LyondellBasell produces materials and products that are key to advancing solutions to modern challenges like enhancing food safety through lightweight and flexible packaging, protecting the purity of water supplies through stronger and more versatile pipes, and improving the safety, comfort and fuel efficiency of many of the cars and trucks on the road. LyondellBasell sells products into approximately 100 countries and is the world's largest licensor of polyolefin technologies. In 2018, LyondellBasell was named to Fortune magazine'slist of the "World's Most Admired Companies." More information about LyondellBasell can be found at www.LyondellBasell.com.
About A. Schulman 成立90年，改性塑料全球知名企業(yè)之一
A. Schulman, Inc. is a leading international supplier of high-performance plastic compounds, composites and resins headquartered in Akron, Ohio. Since 1928, the company has been providing innovative solutions to meet its customers' demanding requirements. The company's customers span a wide range of markets, such as packaging, mobility, building
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