Global Processing

Westlake Chemical withdraws bid to buy Georgia Gulf

May 7, 2012

HOUSTON — Westlake Chemical Corp. has withdrawn its $1.2 billion offer to buy Georgia Gulf Corp. and will sell its stock in the company, CBS News reported.

Houston-based Westlake said it made the decision after discussing the bid with Georgia Gulf, another chemical maker, under a confidentiality agreement.

"We are disappointed in this result, but we continue to work on our previously announced important strategic initiatives as well as to look for other opportunities to grow our business," said Westlake CEO Albert Chao.