Wacker-Chemie renegotiates stake sale by Aventis

German chemical company Wacker-Chemie GmbH states in a recent press release that the planned sale of a 49% stake in the chemicals company owned by Franco-German Aventis SA would be renegotiated becaus…

German chemical company Wacker-Chemie GmbH states in a recent press release that the planned sale of a 49% stake in the chemicals company owned by Franco-German Aventis SA would be renegotiated because of Wacker“s expected loss this year. Managing director Peter-Alexander Wacker said the Wacker family, which owns a 51% stake in the company, did not have enough capital to finance the purchase of the remaining 49% stake. The sale, part of Aventis“ plan to focus on pharmaceuticals, had been set to go through in early 2002, but it was now unclear when it would be conducted. Wacker“s earnings before interest and tax (EBIT) fell 62% in the first nine months of this year to Euro 103 million, with the company making only a slight gain after tax. Chemical companies across the globe have been hit by shrinking demand in sectors from electronics to construction.