By Ben Otto

Thai oil refiner PTT Global Chemical PCL plans to acquire German resins specialist Allnex Holding GmbH for 4 billion euros ($4.75 billion), it said Monday.

Company subsidiary PTTGC International (Netherlands) BV will pay EUR3.58 billion to acquire all shares of Allnex as well as purchase an existing shareholder loan of EUR426.3 million.

PTTGC said the deal fits with its growth strategy to diversify its business toward the specialties arena. Allnex is a producer of industrial coating resins and additives for architectural, industrial, automotive and other uses.

PTTGC said it expects the cash deal to close at the end of December. The agreement is subject to antitrust approvals in 10 jurisdictions.

Write to Ben Otto at ben.otto@wsj.com

(END) Dow Jones Newswires

07-11-21 2248ET