Lanxess Walks Away from Talks with CVC

Germany’s Lanxess has ended talks with private equity firm CVC, after the two could not agree on a price for the firm’s portfolio company Taminco, Reuters reported, citing news in the Financial Times. Lanxess had reportedly bid roughly $1.43 billion for Taminco, a chemical maker.

(Reuters) – German rubber chemicals group Lanxess has walked away from talks to buy Belgium’s Taminco as it could not agree with seller CVC over the price, Financial Times Deutschland reported, citing sources.

Lanxess has bid about 1 billion euros ($1.43 billion) for the chemicals maker, which would have made the deal the biggest takeover in Lanxess’s six-year history, the paper said.

Buyout firm CVC would now revive plans to take Taminco public if it does not find another prospective buyer, the paper added.

Three sources told Reuters last month that Lanxess was in early-stage talks to buy Taminco.

At the time, one of the sources said a price tag of 1-1.2 billion euros was possible.

Officals at Lanxess, CVC and Taminco were not immediately available for comment

Financial Times Deutschland said all three companies declined to comment.

Taminco has said it will re-examine a stock-market listing, which could come this year, but that a sale of the business was possible. (Reporting by Ludwig Burger and Jan Strupczewski in Brussels) ($1=.6972 Euro)