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BASF SEALS £2.8BN DEAL

Chemical giant BASF is poised to buy German specialty chemicals company Cognis for at least €3.3bn (£2.8bn) reports the Wall Street Journal. The deal was agreed this weekend, when Cognis and its owners, who include Goldman Sachs and private equity group Permira, rejected a higher offer from Lubrizol. An announcement on the deal is expected to be made this week.