THE WHAT? Croda is said to have joined bidders vying to acquire Korea’s Solus Biotech, according to a report published by The Korea Economic Daily.
THE DETAILS The biomaterial maker has been put up for sale by private equity firm Skylake Investment Co. ADM, Solvay and Evonik are said to be in the running too. BASF has also been linked to the deal but later rebuffed the rumors. The company is expected to fetch around KRW400 billion.
THE WHY? Solus Biotech manufactures cosmeceutical, pharmaceutical and nutraceutical ingredients, specialising in natural ceramide, which is supplies to the likes of L’Oréal, among others.
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