UK - Lucite receives USD 2bn offers

Reports suggest that the bidders are seeking to pre-empt the opening of Lucite's USD 500m plant in Singapore in October, which is designed to supply 100,000 tonnes of acetate per year at a lower cost than existing technology.

Lucite has been owned by Charterhouse since 1999 and was briefly put up for sale in 2006, though the process was eventually abandoned after the asking price of USD 2.5bn was not reached. Lucite has opened its books to Mitsubishi Rayon and a Saudi consortium of investors, as well as Saudi International Petrochemical Company Sipchem.

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