Titan Chemicals accepts Honam Petrochemical's buyout offer

10 December 2010 10:42  [Source: ICIS news]

SINGAPORE (ICIS)--Over 90% of Titan Chemicals' shareholders have accepted a buyout offer from South Korea-based Honam Petrochemical, the Malaysian polymer producer said on Friday.

As of 9 December, Honam Petrochemical had received acceptances for its Malaysian ringgit (M$) 2.35/share offer from Titan Chemical's minority shareholders, who hold a 25.40% stake in the company, Titan said in a regulatory filing.

Honam has extended the closing date of its buyout offer to Titan's minority shareholders to 24 December, according to the filing.

Honam completed the M$2.9bn ($936m) acquisition of a 72.32% stake in Titan in early November, giving it a strong foothold in its first venture into the southeast Asian market.

($1 = M$3.14)

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By: Pearl Bantillo
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