February 7, 2013 / 9:36 AM / 5 years ago

Lanxess jumps on market talk of interest by Dow Chemical

FRANKFURT (Reuters) - Shares in Lanxess AG (LXSG.DE) jumped 4 percent on Thursday, with several traders pointing to market talk of takeover interest by U.S.-based Dow Chemical Co DOW.N.

“There is a rumor that Dow Chemical wants to offer 70 to 80 euros (per share) for Lanxess,” one of the traders said.

    Shares in Lanxess, which has a market value of 5.1 billion euros ($6.9 billion), were up 4 percent at 63.73 euros.

    Lanxess and Dow Chemical declined to comment on the rumors.

    Dow Chemical said, though, it will continue to use its cash to pay down its $20.99 billion debt load and for shareholders.

    Reporting by Hakan Ersen, David Brett, Francesco Canepa, Andrea Lentz, Frank Siebelt and Ernest Scheyder; Writing by Maria Sheahan

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