CHEMTRADE LOGISTICS INCOME FUND $17.09 (Toronto symbol CHE.UN; TSINetwork Rating: Speculative) (416-496-5856; www.chemtradelogistics.com; Units outstanding: 41.7 million; Market cap: $709.7 million; Dividend yield: 7.0%) is in talks to buy specialty chemicals maker General Chemical Corp. from private equity firm American Securities LLC for as much as $1 billion. American Securities took General Chemical private for $673 million in 2009.
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General Chemical makes a wide range of chemicals. In addition to water treatment and pharmaceuticals, its main markets include oil refining, pulp and paper, agriculture and food and beverage.
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This would be a huge acquisition for Chemtrade, more than doubling its $706.4- million market cap. A major purchase like this can always backfire, but it would likely be a good fit, offering Chemtrade both growth prospects and diversification.
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Chemtrade and American Securities are still at an early stage of negotiations, and there are reportedly other potential bidders.
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Either way, we still see Chemtrade Logistics as a buy.
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