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A consortium including Indian agchem producer UPL in exclusive talks with Platform Specialty for Arysta: Bloombergqrcode

Jun. 22, 2018

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Jun. 22, 2018
A consortium including Indian chemical producer UPL Ltd. is in exclusive talks to buy Platform Specialty Products' agricultural pesticides business, which could fetch more than $4B including debt, Reuters reports.

UPL is teaming up with sovereign wealth fund Abu Dhabi Investment Authority and other investors for PAH's Arysta LifeScience, according to the report.

PAH, whose biggest stakeholder is Bill Ackman’s Pershing Square Capital Management, said yesterday it had entered exclusive talks on a potential sale of Arysta but did not identify the suitor.

PAH has been in talks with several suitors, including U.K. investment vehicle Wilmcote Holdings, about a potential deal but Wilmcote says talks between the companies have ended.

Platform CEO Rakesh Sachdev said, “As we commented on June 7, 2018, in pursuing a separation of our businesses into two standalone companies we have had discussions with several parties regarding an acquisition of or investment in Arysta LifeScience. We are now in exclusive discussions with a potential acquirer of the business and expect to have more information to provide to our shareholders and all our stakeholders on or before our second quarter earnings conference call.  As we have repeatedly emphasized, we will choose the path for our separation that we believe creates an optimal outcome for our shareholders, and we will keep all of our stakeholders apprised as and when appropriate.”

Source: Bloomberg

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