Total recently announced it has received an offer from Arkema to acquire its Bostik affiliate. Total has reportedly granted Arkema an exclusivity period to pursue the offer, which will be presented to the relevant employee representatives as part of the required information and consultation procedures.
“Joining France’s leading chemicals company would give Bostik the resources it needs to pursue its industrial and commercial development while fulfilling its commitments to employees and partners,” said Patrick Pouyanné, president of Total’s Refining & Chemicals. “A combination of Bostik and Arkema—which was the result of a successful spin-off from Total in 2006—is a natural next step, given their shared history within our group. Total is pleased to be able to contribute to Arkema’s continued development in this way.”
“Since 2006, Arkema has carried through a successful in-depth transformation of its business portfolio with the aim of becoming a world leader in specialty chemicals,” said Thierry Le Hénaff, chairman and CEO of Arkema. “The proposed acquisition of Bostik represents a new major milestone towards this ambition. The complementarities between the two companies, the quality of Bostik’s management and teams, the common roots within the Total group, and the brands and technologies are all factors that will sustain value creation for our shareholders and ensure successful execution of the project.”