3M TO BUY OUT HOECHST IN DYNEON JOINT VENTURE.
.German chemicals group Hoechst AG has announced that Minnesota Mining and Manufacturing Co.(3M) has agreed to buy out its 46% stake in the Dyneon fluoropolymer joint venture. Hoechst said that before the sale, for which a letter of intent had been signed, Hoechst's stake in Dyneon would be shed in the planned spin-off of its chemical making Celanese AG division. "Celanese expects the sale of the Dyneon interest to 3M to generate gross proceeds in excess of USD300 million (Euro 278.86 million)", Hoechst said in a...
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