Westlake Chemical has struck an agreement to buy Axiall Corp. for $2.3 billion, putting to an end a protracted battle between the two firms. Via the Wall Street Journal, an unsolicited bid for Axiall by South Korea’s Lotte Chemical likely spurred Westlake to get a deal done. Axiall in January rejected a takeover bid by Westlake it called “inadequate.” Westlake later attempted to replace Axiall’s board of directors. The merger is expected to close in the fourth quarter.
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