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British chemicals firm Croda ends merger talks with Ashland - source

Published 07/02/2018, 13:57
Updated 07/02/2018, 14:00
© Reuters.  British chemicals firm Croda ends merger talks with Ashland - source
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By Ben Martin

LONDON (Reuters) - British specialty chemicals maker Croda International Plc (L:CRDA) has ended talks with U.S. peer Ashland Global Holdings Inc (N:ASH) about a possible merger, a source familiar with the matter told Reuters on Wednesday.

The unsuccessful deal talks show that Ashland is viewed among its rivals as a potential target for consolidation in the sector, following the initial public offering (IPO) of its automotive lubricants unit Valvoline Inc (N:VVV) in 2016.

Croda, which has a market value of 5.6 billion pounds, ended talks with Ashland last month, the source said.

Details of the terminated discussions were not available.

Ashland, which has a market value of $4.5 billion (£3.2 billion), is active in more than 100 countries providing chemicals products to various industries including automotive, energy and construction.

Ashland did not respond to a request for comment.

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