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

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

FILE PHOTO: The entrance to the Wacker Chemie AG facility is seen in the south-east Bavarian town of Burghausen April 1, 2014. REUTERS/Michaela Rehle

BERLIN : German chemical company Wacker Chemie said on Wednesday it will buy 60per cent stake in Chinese specialty chemicals manufacturer Sico Performance Material for about 120 million euros (US$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.

(US$1 = 0.8593 euros)

(Reporting by Zuzanna Szymanska; Editing by Riham Alkousaa)

Source: Reuters

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