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Deals

Japan's DIC says acquisition of BASF unit delayed until next year

FILE PHOTO: The chemical company BASF building in Levallois-Perret, near Paris, France, is seen at sunset, November 29, 2018. REUTERS/Christian Hartmann

TOKYO (Reuters) - Japanese printing ink maker DIC Corp 4631.T said on Wednesday that the closing of its 1.15 billion euro ($1.36 billion) acquisition of German chemicals group BASF's BASFn.DE pigments business would be delayed until next year.

DIC last year agreed to buy the business for 985 million euros and would take on take on the unit’s net debt, which accounts for the rest of the agreed sale price.

“While DIC had been working closely with BASF to complete closing by the end of 2020, related procedures are still ongoing as a result of delays from the original schedule,” DIC said in a statement.

DIC said the delay would not affect its earnings forecast for the full-year.

Reporting by Junko Fujita; Editing by David Goodman

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