French chemicals group Arkema announced on Wednesday that it had offered to acquire a 54% stake in South Korea's PI Advanced Materials (PIAM) for 728 million euros.

"The acquisition of Glenwood Private Equity's 54% majority stake will allow PIAM to be consolidated at 100% in Arkema's accounts. The remaining 46% of shares will continue to be listed on the Korean stock exchange", says a group press release.

(Michal Aleksandrowicz; Nicolas Delame, edited by Kate Entringer)