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French chemicals group Arkema, according to Reuters, has offered to buy oil major Total’s adhesives business Bostik, which makes Blu-Tack, for €1.74bn (US$2.24bn).
Total, under pressure from shareholders to improve its cash flow and raise dividends, has embarked on a major divestment programme. A sale of Bostik at that price would increase its announced disposals this year to nearly US$20bn – at the top of its target range of US$15-$20bn.