Sasol to Sell 50% Stake in Gemini Polyethylene Business for $404 Million
November 24 2020 - 1:36AM
Dow Jones News
By Jaime Llinares Taboada
Sasol Ltd. said Tuesday that it has agreed to sell its 50% stake
in polyethylene business Gemini HDPE LLC for $404 million.
The South African petrochemical-and-energy company said the
buyer will be a new entity to be formed by INEOS Gemini HDPE
Holding Company LLC. The transaction is expected to close by Dec.
31.
Sasol said that the deal helps it to focus on specialty
chemicals and reduce net debt. The money received will be used to
repay near-term debt obligations, it said.
Gemini is a Texas-based business that produces and sells bimodal
high-density polyethylene.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
November 24, 2020 01:21 ET (06:21 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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