FRANKFURT (S&P Global Ratings) July 21, 2016--S&P Global Ratings said today that its ratings on French chemical producer Arkema S.A. (BBB/Negative/A-2) are not immediately affected by the company's plans to acquire Dutch sealants and adhesives maker Den Braven for €485 million. Arkema expects to close the transaction in fourth-quarter 2016, subject to regulatory approvals. Although fully financed through cash on hand, the acquisition should only have a slightly negative impact on Arkema's financial risk profile, in our view. For end-2016, we expect the S&P Global Ratings-adjusted funds from operations (FFO)-to-debt ratio on a pro forma basis to be at just below the 35% we view as in line with the current rating, and we expect an improvement in 2017. At
