Private equity group Permira (www.permira.com) has confirmed that it is seeking to acquire Hungarian PVC and isocyanates producer BorsodChem (Kazincbarcika; www.borsodchem.hu) through its Luxembourg-based buyout company Kikkolux – see Plasteurope.com Web of 13.07.2006. Thomas Jetter, head of chemicals investment at Permira´s German office (Frankfurt; www.permira.de), also confirmed that due diligence is in progress.

If Permira decides to pursue its option to acquire 52% of BorsodChem´s equity, Jetter said it will attempt to purchase at least 90% of the shares for HUF 3,000 (around EUR 10.80) each, valuing the chemicals and plastics producer at EUR 825m. In this case, a de-listing would be sought. Jetter added that Permira supports BorsodChem´s recently announced investment programme.