Lotte Chemical nullifies takeover plan of U.S. Axiall

[THE INVESTOR] Lotte Chemical said in its regulatory filing on Monday that it would be scrapping its plan to take over U.S.-based Axiall Corp., which is a major manufacturer and marketer of chlorovinyls and aromatics.
“Considering heated competition for the takeover bid and a series of ongoing issues facing Lotte Group, the company has decided not to participate in the bidding process,” said the company, adding that it would continue to work on existing joint projects with Axiall.