Mexichem Reaches 95% of Wavin

Mexichem has increased its stake in Dutch plastic pipe maker Wavin to 95.7%, it says. Mexichem now will move ahead with plans to delist the company. The Mexican chemicals producer’s EUR10.50 ($13.30) per share offer was declared unconditional May 8, after it clinched 65% of Wavin’s outstanding shares. Mexichem has spent about EUR389 to increase its stake from an initial 22%. It is financing the acquisition with its own cash and through several credit lines.