Chemicals distribution company Univar is to be taken over by venture capital group CVC in a deal worth over €1.5bn.

CVC is bidding €53.50 a share for Univar, a premium of 37% over Friday’s close. Univar’s management is recommending acceptance of the offer.
Univar’s biggest shareholder Hal, which has 27% of the outstanding shares, said it would tender its stake. News of the deal boosted Univar on Amsterdam’s Midkap index. It opened up 36% at €52.85.
CVC already has stakes in Dutch waste processor AVR and building company VolkerWessels. Last year it took over plastic pipe maker Wavin.