Arkema in talks to buy Bostik

[New York] French chemicals group Arkema offered to buy oil major Total's adhesives business Bostik, which makes Blu-Tack, for 1.74 billion euros ($2.24 billion), as reported by Reuters.

According to Reuters, Total, under pressure from shareholders to improve its cash flow and raise dividends, has embarked on a major divestment program. A sale of Bostik at that price would increase its announced disposals this year to near $20 billion - at the top of its target range of $15-$20 billion.

For Arkema, which said it hoped to finalize the deal in the coming months, buying Bostik would expand its position in a fragmented global adhesive and sealants market, Reuters reported.

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