30 June 2011 10:56 [Source: ICIS news]
LONDON (ICIS)--AkzoNobel intends to acquire Germany-based coatings manufacturer Schramm Holding and the coatings activities operated by Schramm's largest shareholder, South Korean company SSCP, the Dutch specialty chemicals maker said on Thursday.
Through the deal, which is expected to close in the second half of the year, AkzoNobel hopes to strengthen its global leadership position in specialty plastic coatings, the company added.
Under the terms of the acquisition, Schramm's shareholders will receive a voluntary conditional cash offer for every Schramm share, valuing the share capital of the company at approximately €142m ($206m), AkzoNobel said.
Financial details regarding AkzoNobel’s agreement to purchase SSCP's carved-out coatings business based in South ?xml:namespace>
“This acquisition underlines our determination to accelerate sustainable growth and build global leadership positions in our core markets," said Leif Darner, AkzoNobel's executive committee member responsible for performance coatings.
“It offers an excellent opportunity for us to significantly boost our industrial coatings activities, particularly in
“This acquisition makes us the global leader in specialty plastic coatings for mobile devices, laptops and TVs,” said Conrad Keijzer, managing director of AkzoNobel industrial coatings.
The offer is conditional on receiving sufficient acceptances from Schramm shareholders and relevant merger control clearance, AkzoNobel said.
($1 = €0.69)
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