UPDATE 3-Westlake Chemical wins Axiall pursuit with raised $2.33 bln bid

Sat Jun 11, 2016 12:01am EDT
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* Offers $33 per share in cash

* South Korea's Lotte Chemical withdraws bid

* Axiall shares rise 26 pct (Adds Lotte Chemical's withdrawal in paragraphs 4-6, updates share prices)

By Amrutha Gayathri

June 10 (Reuters) - Westlake Chemical Corp has reached a deal to buy chemical producer Axiall Corp for $2.33 billion after a six-month pursuit that included multiple bids and a rival offer from South Korea's Lotte Chemical Corp .

Atlanta-based Axiall shares gained 26 percent to close at $32.56 on Friday, slightly below the new offer price of $33 per share in cash. Westlake shares rose 3 percent to $46.40.

Axiall had earlier rebuffed Westlake, saying that the Houston-based petrochemical maker was trying to acquire its vinyls assets cheap.

Lotte Chemical said in a statement late on Friday in Seoul that it withdrew its bid.

"Considering the difficult situation Lotte has faced in Korea recently and heated competition, we have decided to withdraw from the buyout competition," it said.   Continued...