2008/1/21 Platts         La Seda to acquire Advansa's PET, PTA and Preform businesse

Spain's La Seda defers plan to acquire Cepsa's Interquisa

La Seda de Barcelona's plan to acquire Cepsa petrochemical subsidiary Interquisa, through a Eur595 million ($869 million) cash payment and share transfer operation, has been put on hold indefinitely.

La Seda's move to defer the acquisition, announced Friday, in a filing with the Spanish stock market regulator, CNMV, is the result of the recent share price plunge of the Barcelona-based PET producer.

The proposed acquisition, announced December 19, would have entailed La Seda acquiring Interquisa's PTA and PIPA manufacturing plant at San Roque in southern Spain, with annual capacity of
630,000 mt and 85,000 mt, respectively, and 51% of Interquisa Canada, which has a 550,000-mt/year PTA plant at Montreal.

In exchange, Cepsa was to have gained a 12% stake in La Seda, through a block of shares with a projected value of around Eur217.5 million when the transaction was announced, and a cash payment covering the rest of the value.

However, the Barcelona company's stock value plummeted to Eur1.44/share just before the January 18 announcement, from Eur2.40/share in mid-December.

CEPSA スペイン第2位の石油会社Repsol に次ぐ)
is a leader in activities relating to petroleum and petrochemistry, including exploration, production of crude, refining, transport and marketing of petroleum derivatives, and the manufacture of added-value petrochemical products, such as plastics, synthetic fibres, and detergents.


This is the Group firm that markets products made in the Gibraltar-San Roque and La Rabida refineries.

With plants in Spain, Canada, and Brazil, this subsidiary of CEPSA is world leader in the production of
linear alkylbenzene (LAB), a raw material for detergents. Its capacity is 560,000 tons per year.

INTERQUISA is the sole producer in Spain of
purified terephthalic acid (PTA) and purified isophthalic acid (PIPA), fundamental raw materials for the polyester industry.

The plant has a production capacity of 750,000 tons a year of PTA and 80,000 of PIPA.
Interquisa has consolidated as the second PTA producer of the western hemisphere with the start up in 2003 of its 500 Kmt plant in Montreal (Canada).

ERTISA has a plant on the industrial estate Nuevo Puerto, in Palos de la Frontera. It works closely with the refinery at La Rabida. ERTISA's commercial and industrial operations involve two product lines, on the one hand
cumene, phenol, and acetone, and on the other methylamines and their derivatives.