Schoenherr advised British specialty chemicals company Synthomer plc (“Synthomer”) on its acquisition of the BASF SE (“BASF”) paper coating dispersions business in Austria for a purchase price of €30m. The closing of the transaction took place on 31 January 2018.
According to Maximilian Lang, Schoenherr counsel who led the corporate M&A team advising Synthomer “the acquisition was structured as a complex asset deal with multiple players in Germany and Austria.”
Located in Pischelsdorf, Austria, the paper dispersions business acquired by Synthomer produces styrene butadiene rubber (“SBR”) used in the paper packaging industry. Synthomer will take over 42 employees that are working in the SBR segment at the site.
Listed on the London Stock Exchange, Synthomer is a leading speciality chemicals company specialising in latex and emulsion polymers for the manufacturing, packaging and health industries. BASF is the largest chemical producer in the world with shares traded on the stock exchanges in Frankfurt, London, and Zurich.
Schoenherr provided M&A, merger control and labour law advice to Synthomer in Austria. The Schoenherr advisory team consisted of Maximilian Lang (counsel, Vienna), Alexander Mazevski (associate, corporate/m&a) and Teresa Waidmann (associate, labour & employment). Schoenherr EU & competition partner Volker Weiss managed the proceedings with the relevant competition authorities together with Evelin Hlina (associate, eu & competition).
Synthomer was also advised by German law firm and tax advisor Buse Heberer Fromm. Herbert Smith Freehills was lead competition counsel.