Resins maker Nuplex is denying speculation the company is in discussions with Australia's Orica on combining or merging its chemical trading platforms.Nuplex was responding to a report in the Herald Sun newspaper, which said it was in fresh talks with Ori
Resins maker Nuplex is denying speculation the company is in discussions with Australia’s Orica on combining or merging its chemical trading platforms.
Nuplex was responding to a report in the Herald Sun newspaper, which said it was in fresh talks with Orica over a possible merger of the two companies' chemicals businesses.
"Discussions are continuing to merge the businesses and they are talking about either floating a combined business or doing a trade sale," a source said the paper.
A float could be worth between $A450 million to $A650 million, the Herald Sun reported.
However, in a statement to the NZX today Nuplex said it was not involved in discussions.
Orica and Nuplex are the largest wholesale distributors of chemicals in Australia and New Zealand, together accounting for about 20% of the market.
Nuplex shares had climbed 5.3% or 15c to $3 in early trading today.
