When China’s Wanhua Industrial Group took full control of Borsodchem in February in a €1.2bn ($1.7bn) deal, it marked the culmination of an unusually aggressive battle for the Hungarian chemicals maker.
Situated in Kazincbarcika, in Hungary’s deprived north-east region, Borsodchem seemed an unlikely acquisition target for Wanhua, the fast-growing Shanghai-listed producer and marketer of polyurethane raw materials.
Wanhua had originally planned to enter the European chemicals market by constructing a new plant in the Netherlands but when heavily indebted Borsodchem ran into trouble during the financial crisis, the Chinese pounced.
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