* Q4 EPS $0.40 vs est $0.62
* Q4 rev up 8 percent at $859.2 mln vs est $835.4 mln
Feb 21 Westlake Chemical Corp
threatened to withdraw its sweetened $1.9 billion offer for
Georgia Gulf, more than a month after the commodity
chemicals maker made a bid for its smaller peer.
Earlier this month, Westlake raised the unsolicited bid by
about 17 percent to $35 per share, but Georgia Gulf said it
could produce more value for investors on its own.
"We know what Georgia Gulf is worth. We have not withdrawn
our proposal so far. However, at some point if we do not see a
real change in approach from management, we likely will,"
Westlake Chief Executive Albert Chao said on a conference call
Westlake's shares fell 1 percent to $59.67 and Georgia
Gulf's 3 percent to $33.49 on Tuesday on the New York Stock
WEAK Q4 PROFIT
Earlier in the day, Westlake posted a drop in fourth-quarter
profit, which missed analysts' expectations for the first time
in seven quarters, as higher feedstock costs outpaced sales
The net profit fell 69 percent to $26.4 million, or 40 cents
a share. Analysts on average had expected 62 cents a share,
according to Thomson Reuters I/B/E/S.
For 2012, Westlake forecast a two-fold rise in capital
expenditure at $400 million to $450 million.
Income at the olefins segment -- the company's largest --
halved in the fourth quarter, while its vinyls segment posted a
Olefins, like ethylene and propylene, are basic chemicals
made from oil or natural gas liquid feedstocks and commonly used
to manufacture plastics and gasoline, among others.