Corrected: PPG makes €2.2bn offer to buy Dutch SigmaKalon

20 July 2007 00:33  [Source: ICIS news]

Correction: In the ICIS news story headlined "PPG makes €2.2bn offer to buy Dutch SigmaKalon" dated 19 July, 2007, please read in the first paragraph …($3.0bn) … instead of … ($1.6bn)….A corrected story follows.

HOUSTON (ICIS news)--PPG Industries has made a €2.2bn ($3.0bn) offer to buy Dutch coatings company SigmaKalon Group from Bain Capital, the US coatings and specialty products company said on Thursday.

No-one from Bain Capital, a global private investment firm, was immediately available for comment.

Bain Capital has granted a period of exclusivity to PPG and it intended to respond to the offer after talking with union officials, PPG said. If Bain accepts the offer, it will be subject to regulatory approval.

“The SigmaKalon business has performed well financially and would be a strong complement to our existing coatings businesses,” according to a statement by PPG CEO Charles E. Bunch.

“It would give us an excellent footprint in the European architectural coatings segment, where today we have very nominal participation," Bunch said.

"This acquisition would give us a more balanced coatings business in Europe, approximately doubling our European sales, and expand our global coatings portfolio by more than 40%.”

PPG will discuss its proposal at 1:30pm Eastern Time (5:30pm GMT).

($1 = €0.73)

By: Al Greenwood
+1 713 525 2653

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