P.M. BRIEFING : German Firm Buys Chemical Co.
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NEW YORK — Germany’s largest electricity utility, RWE AG, today agreed to pay $590 million for Vista Chemical Co., the latest takeover of an American chemical company by a foreign industrial giant.
News of the friendly deal sent Vista shares soaring on the New York Stock Exchange, where it was among the five most actively traded stocks.
The German company’s RWE-DEA AG division said it plans to start a $55-a-share tender offer for Houston-based Vista Chemical by Dec. 19. RWE-DEA said the tender is expected to be completed by early 1991 and the merger wrapped up on July 1.
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