Nettlesome chemical deals close

Two chemical deals that were under heavy regulatory scrutiny have finally closed. BASF has completed its purchase of Solvay’s nylon 6,6 business, while Evonik Industries has closed its acquisition of PeroxyChem. BASF faced concerns from the European Commission that buying the Solvay nylon business would give the company too commanding a market share. To address those fears, Solvay sold a big chunk of its European nylon 6,6 engineering polymer business to Germany’s Domo Chemicals. For $1.4 billion, BASF is still getting nylon 6,6 polymer operations, as well as a stake in an adiponitrile and hexamethylene diamine joint venture in France with Invista. Back integrating into adiponitrile—a nylon 6,6 precursor sometimes in short supply—was a key deal objective for BASF. The German giant will have a joint venture in adipic acid, another nylon 6,6 raw material, with Domo. Meanwhile, after a victory in US District Court in Washington, DC, Evonik has