BASF closes unit in Turkey

Bloomberg

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The board of directors of Meges took the decision to shut down the company at a meeting in Istanbul Tuesday, Meges said. BASF, the world’s largest chemical company, bought 75 percent of Meges from Degussa in 2006. The company’s market value has shrunk to YTL 10.3 million ($6.7 million) from YTL 31.4 million a year ago, according to Bloomberg data. BASF’s stake was worth about $20 million when it acquired Meges.