Chemical maker Westlake agrees to buy Axiall for $2.33 bln

Fri Jun 10, 2016 9:39am EDT
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June 10 (Reuters) - Axiall Corp has agreed to be acquired by Westlake Chemical Corp for $2.33 billion, days after South Korea's Lotte Chemical Corp offered to buy Axiall.

Westlake said on Friday it would pay $33 per share in cash for Axiall. The offer price represents a premium of nearly 28 percent to Axiall's Thursday close.

Westlake, rebuffed by Axiall multiple times, had offered to buy the chemical maker in March in a cash-and-stock deal valued at $23.35 per share at the time. (Reporting by Amrutha Gayathri in Bengaluru; Editing by Kirti Pandey)