(Adds details from statement, background)
Oct 6 (Reuters) - Diversified chemicals company Superior
Plus Corp SPB.TO will buy chemicals and handling company
Canexus Corp CUS.TO for C$324.1 million, as it looks to expand
its specialty chemicals portfolio.
Canexus shareholders will get 0.153 of a Superior share.
This works out to C$1.74 ($1.33) for each share, a premium of
47.5 percent to Canexus closing price on Monday.
The deal value has been calculated on Canexus' 186.3 million
shares outstanding at June-end.
Superior Plus said it had got C$650 million in financing and
said it will refinance Canexus' debt. Canexus had a total net
debt of C$554.8 million as of June 30.
Canexus, which owns sodium chlorate and chlor-alkali plants
in Canada and Brazil, had sold its Bruderheim oil train terminal
in Alberta to Cenovus Energy Inc CVE.TO for C$75 million in
June.
CIBC World Markets and The Valence Group acted as financial
advisers to Canexus. National Bank Financial Markets and J.P.
Morgan Securities LLC acted as financial advisers to Superior
Plus.
($1 = 1.3109 Canadian dollars)