Daelim Industrial took steps to acquire America's largest ethane cracker plant by investing about 2 trillion won. If the attempt ends in a success, Daelim would become Korea's largest ethane cracker center producer overtaking Lotte Chemical.
According to industry sources on March 19, Daelim Industrial joined the main bidding to acquire the ECC business of America's largest natural gas developer Williams Partners. Williams is now trying to sell an 88.5-percent stake in the Geismar Olefin plant in Louisiana.
The sales price is expected to reach 2-3 trillion won since a host of global chemical companies, including Daelim Industrial, joined the main bidding.
Sources close to the bidding said, "If the final bidder attempts to acquire not only the ethane cracker plant but also pipelines for supply of natural gas, the acquisition price could rise up to more than 3 trillion won."
If Daelim Industrial succeeds in acquiring the assets, it would be the company's first trillion-won level M&A deal. It would also represent the company's first cross-border deal.