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WLK

Westlake Chemical

$86.15

0.095 (0.11%)

08:07
09/25/18
09/25
08:07
09/25/18
08:07

Westlake Chemical announces offer to acquire NAKAN for $265M in cash

Westlake Chemical Corporation announced that it has issued an exclusive, binding offer to acquire NAKAN, a global compounding solutions business, from Los Angeles-based private equity firm, OpenGate Capital. NAKAN, headquartered in Reims, France, has eight production facilities, located in China, France, Germany, Italy, Japan, Mexico, Spain and Vietnam, as well as a world-class research facility in France and application laboratory in the United States. NAKAN's products are used in a wide-variety of applications, including in the automotive, building and construction, and medical industries. NAKAN generated approximately $300M of revenue in the most recent twelve-month period. Under the terms of the offer, which is subject to exclusivity protection, Westlake will pay approximately $265M in cash, subject to adjustment. The binding offer was made in order to permit NAKAN to proceed with its consultation obligations with French works councils prior to entering into a negotiated, mutually binding purchase agreement. The transaction is expected to close by early 2019, subject to receipt of regulatory approvals, completion of required employee consultation procedures and other customary closing conditions.

  • 13

    Nov

WLK Westlake Chemical
$86.15

0.095 (0.11%)

07/11/18
07/11/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Steven Madden (SHOO) downgraded to Neutral from Outperform at Wedbush with analyst Christopher Svezia citing valuation. 2. Jazz Pharmaceuticals (JAZZ) downgraded to Equal Weight at Morgan Stanley with analyst David Risinger saying he believes potential M&A could add new growth drivers and diversify Jazz from Xyrem, which is expected to represent about 70% of its FY18 revenue, but Risinger also thinks investors already anticipate action on that front. 3. U.S. Cellular (USM) and Telephone and Data (TDS) were downgraded to Underweight from Neutral at JPMorgan. 4. Hess Corp. (HES) downgraded to Underweight from Equal Weight at Barclays with analyst Paul Cheng saying his analysis indicates Hess trades at the "steepest premium" in the group. 5. Westlake Chemical (WLK) downgraded to Neutral from Buy at Nomura Instinet with analyst Aleksey Yefremov saying he expects softer demand to weigh on cyclical stocks and reduced his estimates for seven names in the Americas Chemicals space. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/07/18
COWN
09/07/18
DOWNGRADE
COWN
Market Perform
Westlake Chemical downgraded to Market Perform from Outperform at Cowen
09/07/18
COWN
09/07/18
DOWNGRADE
Target $100
COWN
Market Perform
Cowen downgrades Westlake Chemical to Market Perform on heightened margin risk
As reported previously, Cowen analyst Charles Nievert downgraded Westlake Chemical to Market Perform from Outperform to reflect a more challenging margin environment over the next 2-3 quarters in ethylene chain products, especially PE. He sees heightened downside margin risk from rising costs combined with lower product prices. Nievert lowered his price target to $100 from $120 on Westlake Chemical shares.
09/19/18
TUDR
09/19/18
DOWNGRADE
TUDR
Hold
Westlake Chemical downgraded to Hold from Buy at Tudor Pickering
Tudor Pickering analyst Matthew Blair downgraded Westlake Chemical to Hold citing the impact on earnings from a likely rise in 2019 ethane prices due to incremental ethane demand from upcoming crackers.

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TBPH

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SABR

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LW

Lamb Weston

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SPWR

SunPower

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AFLYY

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MRTX

Mirati Therapeutics

$102.20

1.8 (1.79%)

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IFNNY

Infineon

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