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Fly News Breaks for March 4, 2019
MEOH
Mar 4, 2019 | 11:33 EDT
BMO Capital analyst Joel Jackson noted that Bloomberg reports Saudi Arabia's SABIC has offered about $4B for OCI's methanol assets in Europe and Texas. If accurate, applying a similar $1,000/t valuation to Methanex's assets conservatively implies a $90 per share valuation, according to Jackson, who added that OCI's assets could possibly fetch a higher premium due to age and geography. The analyst, who said he is "not sure" why SABIC didn't put an offer in for Methanex, has an Outperform rating and $70 price target on the stock.
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