Lanxess AG, Cologne, Germany, and Saudi Aramco, Dhah-ran, Saudi Arabia, plan to establish a joint venture for synthetic rubber detailed in an agreement signed recently. Lanxess and Saudi Aramco subsidiary, Aramco Overseas Company, will each hold a 50% interest in the joint venture, with annual sales of approximately EUR 3 billion in 2014. Saudi Aramco is to pay approx. EUR 1.2 billion in cash for its 50% share after deducting debt and other financial liabilities. The total joint venture is valued at EUR 2.75 bil-lion. The transaction still requires the approval of the relevant antitrust authorities and is expected to be completed in the first half of 2016.
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