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Iran's NPC said to be hot favorite in Basell bidding

Berlin, April 12, IRNA-With 90 percent of the negotiations complete, Iran's National Petrochemical Company (NPC) is the top favorite to purchase Royal Dutch Shell/BASF Group's Basell joint venture, Tuesday's edition of the business daily Handelsblatt quoted company circles as saying.

A BASF spokesman at the company headquarters in the southwest German city of Ludwigshafen refused to confirm the newspaper report.

NPC and a group of Indian investors, comprising of a consortium of the chemical firm Haldia, Indian investor Purnendu Chatterje and different fonds, are the top bidders for the plastics company Basell.

While Germany's BASF favors Iran's petrochemicals group NPC to buy Basell, Shell prefers to sell Basell to the Indian consortium.

The total financial volume of the transaction is estimated to be worth 4.4 billion euros.

With annual sales of 6.7 billion euros, Basell is the global market leader in polyproplyenes.

... Payvand News - 4/13/05 ... --

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