Univar shares soar 36% after CVC's €1.53bn offer

09 July 2007 10:34  [Source: ICIS news]

UnivarLONDON (ICIS news)--Univar’s share price climbed 36% on Monday after CVC Capital said it would buy the chemical company in a deal worth €1.53bn ($2.1bn).

A joint statement from Univar and Ulysses Luxembourg, a CVC Capital company, said Ulysses had agreed to buy Univar for €53.50 a share.

The share offer is a 36% increase on the closing share price on Friday, which was €38.97.

The statement said the buy out was not expected to affect employment at the company and Univar would continue operating separately.

Univar is one of the biggest distributors of chemicals and specialty services and operates a network of over 200 distribution centres, which are based primarily in the US, Canada, Asia and Europe.

CVC is a private equity and investment advisory firm, which has an extensive portfolio including media companies and department stores.

On 4 July it agreed to acquire Belgium-based alkylamines and ­derivatives producer Taminco from AlpInvest Partners for €800m.

($1 = €0.73)

By: Lucy Craymer
+44 20 8652 3214

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