Hoechst to sell its share of Wacker-Chemie

MUNICH, Germany (Jan. 16)—Wacker-Chemie GmbH, a major player in the silicone elastomers business, is restructuring its ownership. The 50-percent holding in Wacker-Chemie currently held by German chemicals giant Hoechst A.G. will be divested in two steps by 2002, the company said. In January 2001, the other 50-percent owner, Dr. Alexander Wacker Familien GmbH, will gain majority voting rights and control of the company by increasing its capital investment. Then in early 2002, the Wacker family holding will purchase the remaining Hoechst interest in Wacker-Chemie. The two parties did not disclose terms of the transaction.