Friday, December 3

Wacker Chemie to buy majority stake in Chinese rival for about $140 mln

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BERLIN — German chemical company Wacker Chemie said on Wednesday it will buy 60% stake in Chinese specialty chemicals manufacturer Sico Performance Material for about 120 million euros ($139.66 million).

Wacker Chemie said it will fully consolidate Sico in its financial statements after the all-cash transaction, which should close in the first half of 2022. ($1 = 0.8593 euros) (Reporting by Zuzanna Szymanska Editing by Riham Alkousaa)