Tokyo-Shin-Etsu Chemical said it has initiated procedures to make its affiliated company, polyvinyl chloride (PVC) producer Cires S.A., into a wholly-owned subsidiary. Shin-Etsu last week signed a contract with Ineos Chlor Vinyls to acquire its 26.23% interest in Cires. After obtaining relevant competition authorities approval, Shin-Etsu will own 52.31% of Cires and will go forward with a takeover bid for all remaining shares of Cires.
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