Mexichem Hits Wavin Target

Mexichem has passed the threshold of 80% ownership in Dutch plastic pipe maker Wavin needed to delist the company. Following Monday’s close of a public tender offer, Mexichem had acquired 32.8m shares, representing 64.74% and a value of EUR345.2m ($449m), bringing its total ownership to 87.42%. The Mexican chemicals company is paying EUR10.50 a share, which Wavin accepted in February after previous lower offers, in a deal that is costing Mexichem EUR531m total. Mexichem is financing the acquisition with EUR520 from its own cash and the rest through several credit lines. Mexichem will seek to delist Wavin, it says.