Honeywell International Acquires BASF Business

Honeywell International, Inc. acquired, on May 1, 2003, the nylon fibres business of BASF Corporation for US$160 million. This transaction was part of another transaction in which Honeywell sold its engineering plastics business to BASF AG for approximately $800 million. The two transactions were part of the restructuring of Honeywell International’s specialty materials business unit.

Honeywell International was represented by its in-house legal department in Morristown, New Jersey; in Canada by Stephen Arnold and Minal Upadhyaya (M&A), Stephen Luff (real estate), Peter Franklyn and Steve Sansom (competition), Gregory Wylie (tax), Anthony Devir (pensions) and Allan Wells (employment) of Osler, Hoskin & Harcourt LLP; and in the U.S. by Davis, Polk & Wardwell in New York, with a team that included Leonard Kreynin (M&A), Gail Flesher (environmental) and Edmond FitzGerald (employment), and by Debra Valentine and Darren Tucker (antitrust) of O’Melveny & Myers LLP.

BASF was represented by in-house counsel Robin Manastersky and Shadi Dastranj; in Canada by Catherine Nixon and Mark Zwegers (real estate), Jamie Wilks (tax) and Neil Campbell (competition) of McMillan Binch LLP; and in the U.S. by Shearman & Sterling in New York, with a team that included Peter Lyons, Simon Fraser and Yukiko Kojima (M&A), Kenneth Prince, Beau Buffier and George O’Connell (antitrust) and Carlos A Lobo e Silva (project development and finance).