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First Reserve eyes $628m TPC Group purchase

15 Aug 2012

Global buyout giant First Reserve is understood to have entered exclusive talks to buy listed chemical maker TPC Group.

The purchase price could reach $628m plus debt if the $40-a-share bid reported by Reuters is accepted.

That figure is just above the $38.76 TPC shares closed on at the end of trading yesterday, but well short of the $47.03 it reached on March 16.

Reuters cited a person with knowledge of the matter as saying the take-private deal could still fall though.

The Texas-based company provides highly-specialised chemicals used in markets such as synthetic rubber, fuel additives, plastics and surfactants.

Last month it emerged First Reserve and Farallon Capital were interested in an A$5.3bn ($5.46bn) takeover of portfolio company Whitehaven Coal, one of Australia’s biggest independent miners.

Coal magnate Nathan Tinkler had previously tabled an offer of A$5.20 per share for the business, representing a 50 per cent premium to the previous day’s closing price.

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