Formosa Petrochemical shareholders in $340 mln share selldown -IFR

HONG KONG Thu Jan 16, 2014 2:10am EST

HONG KONG Jan 16 (Reuters) - Formosa Petrochemical Corp's three largest shareholders plan to raise up to $340 million from the sale of shares in Taiwan's top plastics conglomerate, IFR reported on Thursday, citing a term sheet for the deal.

Formosa Plastics, Nan Ya Plastics, and Formosa Chemicals & Fibre plan to sell 129.6 million shares in an indicative range of T$77.00-T$79.00 each, added IFR, a Thomson Reuters publication. That would put the deal at T$10.24 billion ($340 million).

The deal may grow to 154.8 million if underwriters exercise an option to sell additional shares to meet demand.

Bank of America Merrill Lynch and UBS AG were hired as joint bookrunners of the selldown, added IFR.

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