The Swiss speciality chemicals company, Clariant, has confirmed that it is making a take-over bid for the British BTP Group, offering 600 pence for each BTP share. This would value BTP at £1.08 billion (around SFr2.8 billion).This content was published on January 24, 2000 - 10:28
The Swiss speciality chemicals company, Clariant, has confirmed that it is making a take-over bid for the British BTP Group, offering 600 pence for each BTP share. This would value BTP at £1.08 billion (around SFr2.8 billion).
The 600 pence per share offer represents a premium of more than 72 per cent above the middle market price quoted last Tuesday, the day before the announcement by BTP that it was in discussion with Clariant.
No details have been given yet about any employee consequences.
"The combination of BTP and Clariant's fine chemical activities will create one of the leading fine chemicals businesses in the world. BTP's high quality operations and assets are ready to exploit the combined companies' excellent pipeline for the supply of pharmaceutical and agrochemical intermediates and bulk activities," said Rolf W. Schweizer, chairman and president of Clariant.
"This is a major step towards achieving the long-term goals for the company. The acquisition is fully in line with Clariant's strategy, outlined in 1999, to double the proportion of its business in strategic growth areas such as Life Science Intermediates within a few years. The complementary product ranges in the specialties segment will also be of great strategic value," Schweizer added.
A statement said that following completion of the offer, Clariant was expected to become a strategic supplier to most of the leading global pharmaceutical and agrochemical companies.
It said that through the deal, Clariant was also acquiring several new technologies, including certain biological processes that would increase Clariant's already extensive expertise in complex chemistry.
Clariant expects the acquisition of BTP to be earnings enhancing, before goodwill amortisation, in its first full year of ownership (ending December 31, 2001).
With a workforce of 30,000 worldwide, Clariant has its headquarters at Muttenz, near Basel. It is one of the largest global specialty chemical companies, with 1998 sales of SFr9.5 billion.
The take-over offer comes a year after the collapse of the planned merger between Clariant and its Basel neighbour, Ciba Specialty Chemicals.
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