Lotte Chemical makes bid for U.S.-based Axiall Corp.

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Lotte Chemical makes bid for U.S.-based Axiall Corp.

Lotte Chemical made an offer to buy U.S.-based polyethelene maker Axiall Corporation, as the Korean-based petrochemical company seeks to build on its takeover of Samsung Group’s chemicals arm.

Lotte submitted a plan to acquire Atlanta-based Axiall on Friday, according to a regulatory filing that did not give terms of the possible deal.

The Korean company formed a venture last year with Axiall, which has a market value of $1.6 billion, to build a plant for making ethylene in the United States, with production to start in 2018.

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