Waterford, New York — The US government shutdown is delaying the deal for Korean firms to buy Momentive.
In a filing with the US Securities and Exchange Commission, Momentive said that it has agreed to extend the deadline to obtain merger clearance from the US authorities.
The new deadline is 13 June 2019. If the Committee on Foreign Investment in the United States — part of the US Treasury — does not approve the deal by then, either side could walk away. When Momentive announced the plan it expected the deal to close in the first half of 2019.
Three Korean firms have formed a consortium to buy the polyurethane surfactant maker: KCC, Wonik QnC and SJL Partners.
KCC is a Korean chemical engineering, paint and building materials company. Wonik QnC makes and sells quartz and ceramics for silicon wafers. SJL Partners is a private equity investment manager.