05 February 1998 09:36 [Source: ICIS news]
SINGAPORE (CNI)--New Zealand agricultural and industrial chemical company Fernz Corp said Thursday it should complete by mid-March its acquisition of French public-listed company, Compagnie Francaise des Produits Industriels (CFPI).
Last year, Fernz and its Australian subsidiary, Nufarm, acquired 85% of CFPI, an agricultural chemicals producer, for an undisclosed sum. Fernz recently took steps to acquire the remaining 15%.
"We are awaiting approval of the French Stock Exchange," a Fernz spokesman told CNI Thursday.
Fernz has sold its fertiliser business in New Zealand to finance the French acquisition, in line with its strategy to expand internationally by acquiring quality manufacturing operations.
It recently bought Rhône-Poulenc Agro's North American phenoxy herbicide business, which includes two plants - in Calgary, Canada, and Missouri, USA.
In the past three years, Fernz also acquired the herbicide businesses of Rhône-Poulenc Agro in the UK, OMV in Austria, Akzo Nobel in the Netherlands and LaPorte's Australasian operations.
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