Sabic to Acquire GE Plastics

Sabic is very near a deal to acquire GE Plastics, sources tell CW. A formal announcement is expected by Monday, May 21. Bidding for the business was near $11 billion, according to financial sources. Other finalists in the bidding for GE Plastics included private equity firm Apollo Management (New York) and Basell. GE said last month that it expects to announce a definitive agreement on the sale of plastics in the second quarter, and hopes to close the transaction in the third quarter.