Germany embraces expansion

18 December 2006 00:00  [Source: ICB]

The country's chemical companies took the buying plunge this year, with majors such as BASF, Bayer and Linde highly active in the mergers and acquisitions marketplace

This year will go down as the one in which German chemical companies embraced merger and acquisition (M&A) activity in a big way. After warming up in 2005 with the €270m ($358m) purchase of Merck's global electronic chemical business, BASF executed no less than three major deals in 2005: the $5.6bn (€4.2bn) purchase of Engelhard in the US, the €2.2bn purchase of Degussa's construction chemicals business and the $470m acquisition of Johnson Polymer, also in the US.

Not to be left out, Bayer clinched the €17.1bn takeover of fellow German drug maker Schering Merck, having missed out on Schering, acquired Swiss drugs firm Serono for €10.5bn, and industrial gases and engineering firm Linde snapped up UK rival BOC for €12bn. And Altana was sold to Denmark's Nycomed for €4.5bn.

That means that German players were involved in six of the 15 billion-dollar deals reported by ICIS Chemical Business during the year (a listing of all M&A deals reported by the magazine from mid-November 2005 to the end of November 2006 begins below).

There has also been M&A activity by German companies at a lower price level. Brenntag bought UK distributor Albion Chemicals Group only to be sold itself to BC Partners Degussa bought Dow Chemical's super-absorbents business and Bayer sold its HC Starck unit to Advent International and the Carlyle Group for €1.2bn. PVC producer Vestolit was sold by owner Candover to a US equity fund-backed management buy-out.

From the German office of UK private equity firm Close Brothers, Wolfgang Kazmierowski tells ICIS Chemical Business that the German chemicals industry has undergone massive structural changes. "The major challenges and changes for the German chemicals industry derive from globalisation," he says. "Increasing competition from new producers in emerging markets and resource-rich regions, rising oil prices and greater regulation have all made life much harder for the traditional industry players."

In general, scale and cost base are keys to success. Kazmierowski believes that this competition has led to much of the M&A activity, in a bid by the larger companies to secure market share, while smaller companies focus on carving out niche markets.

It has also led to considerable interest from private equity firms, as there are plenty of opportunities around and chemical targets fit the nature of their business model. Kazmierowski believes that private equity appetite will remain strong for 2007, due to the sustainable cash flows of chemicals and the free liquidity to be invested.

European action

ICI sold its Uniqema and Quest businesses during the year for €596m and €1.76bn respectively, and below the $1bn line there has been plenty of European action. SABIC bought Huntsman's European petrochemicals activities, adding to the DSM assets it acquired some years before and Permira made a successful bid for Hungary's BorsodChem, maker of polyvinyl chloride (PVC) and polyurethanes (PU). Other major deals included Lonza's purchases of business units from Cambrex, UCB and Genentech in fine chemicals/biologics, and Kali und Salz's take-over of Chilean salt producer Sociedad Punta de Lobos for $477m.

Judging by the amount of funding around, as a result of the strong balance sheets of many of the major chemical producers and the liquidity of the private equity players, 2007 will continue to be an active year for M&A transactions. There are plenty of buyersand many firms still want to streamline their portfolios and improve business quality.

Producers with businesses up for sale include Akzo Nobel, which is planning to spin off its pharmaceutical business in an initial public offering, and remains on the look-out for buyers for its PVC additives and remaining methylamine choline chloride businesses. Akzo Nobel also plans to sell its 50% stake in rubber chemicals joint venture Flexys. At the start of December, Norway's Norsk Hydro said that it was considering divesting or listing its Hydro Polymers petrochemicals business.

Arkema expects to complete the sale of its phosphates business Cerexagri to United Phosphorus for €111m by March 2007, and is looking to sell its urea-formaldehyde resins division based in Leuna, Germany.

Just like this time last year, the message on M&A is very much "watch this space."


M&A listing 2006

Company buying/Acquired Location Business Stake Cost
ABN Amro Capital France/Novartis France/Switzerland Nutrition & Sante (N&S) business unit acq €200m
Actis South Asia Fund 2/Ceylon Oxygen UK/Sri Lanka Yara sells stake in industrial and medical gas company acq 70.85% stake
Addcon Agrar/Yara Germany/Norway formates unit acq
Agrium/Nu-Gro Fertilisers Canada/US fertilizer production acq $86m
Agrium/Pursell Technologies Canada/US specialty fertilizer company acq $74.5m
Airgas/Aeriform US/US distributor acq
Airgas/Linde US/Germany eight US air-separation plants acq €386m
Akzo Nobel/Khimreserv Netherlands/Ukraine decorative coatings business acq 51%
Akzo Nobel/Sico Netherlands/Canada coatings company acq €210m
Albemarle/DSM US/Netherlands purchase of assets and business associated with DSM's pharmaceutical production site in Michigan, US acq €25m
Alexion Pharmaceuticals/Dow Chemical US/US biopharmaceutical plant in Rhode Island acq
Altana Chemie/Invex Germany/Italy Brazilian electrical insulation production assets acq
Apollo Management/General Electric US/US GE Advanced Materials' silicones and quartz business unit acq $3.8bn
Arch Chemicals/Nordesclor US/Brazil Votorantim Group's 50% share in Nordesclor to 100%
Arques Group/Degussa Germany/Germany Oxxynova dimethyl terephthalate business acq €22m
Arysta LifeScience North America/Micro Flo US/Germany BASF's manufacturer and distributor of off-patent crop protection chemicals acq
Asahi Kasei Fibres/Lanxess Japan/Germany Dorlastan fibres business acq
Ashland/Degussa US/Germany water chemicals business acq
Ashland/Northwest Coatings US/US manufacturer of adhesives and coatings acq
Balchem/Bio-Additives & CMB Additives US/US aqueous choline chloride plant in St Gabriel, Louisiana, US acq
Basell/Akzo Nobel Netherlands/Netherlands catalysts and components business based in the US acq
Basell/HMC Polymers Company Netherlands/Thailand polypropylene producer acq 5% stake
Basell/PolyMirae Netherlands/S Korea polypropylene producer acq 10% stake
Basell/Shell Netherlands/UK Berre jv cracker site to 100%
Basell/SunAllomer Netherlands/Japan polypropylene producer acq 16.7% stake
BASF Japan/BASF Takeda Vitamins Japan/Japan Takeda Pharmaceutical's stake in bulk vitamins jv to 100%
BASF/Air Products Germany/US dinitrotoluene plant in Geismar, Louisiana acq
BASF/CropDesign Germany/Belgium plant biotechnology company acq
BASF/Degussa Germany/Germany construction chemicals business acq €2.2bn
BASF/Engelhard Germany/US acq $5.6bn
BASF/Johnson Polymer Germany/US resin manufacturer acq $470m
BASF/Repsol YPF Germany/Spain co-polymer business acq
Bayer Healthcare/Topsun Science and Technology Germany/China pharmaceutical business acq €107.3m
Bayer Innovation/Icon Genetics Germany/Germany plant-made pharmaceutical production acq
Bayer/Schering Germany/Germany drugs company acq €17.1bn
BC Partners/Brenntag UK/Germany industrial and specialty chemicals acq
Belgian Consortium/CIS bio international Belgium/Germany Schering's radio-pharmaceutical business acq
BNP/Sanofi Aventis France/France stake in Rhodia acq 7.98% stake €193m
Braskem/Politeno Brazil/Brazil polyethylene producer to 100%
Brenntag/Albion Chemicals Group Germany/UK chemical distributor acq
Brenntag/Los Angeles Chemical Group of Companies Germany/US chemical distributor based in Southgate, California acq
Brenntag/Schweizerhall Chemie Germany/Switzerland chemical distributor acq €60m
Brunei Investment Agency/Phosphate Mines Brunei/Jordan phosphate production acq 37% stake
Canada-Spur Ventures/Hebei Tianeren Chemical Canada/China fertilizer-related businesses acq Can$15.5m
Cargill/Central Energetica Vale do Sapucai US/Brazil stake in sugar and ethanol producer acq 63% stake
Cargill/Degussa US/Germany food ingredients business acq
Carlyle Group/Stahl International US/ Netherlands surface effects business acq
Cathay Pigments/ISK Magnetics Australia/US producer and supplier of magnetic iron oxides for audio/data applications acq
Celanese/Acetate Products US/UK Corsadi Group's cellulose acetate flake, tow and film activities acq
Chemtura/Trace Chemicals US/US farmer-applied seed treatments acq
Chevron/Reliance Petroleum US/India stake in company 5% stake $300m
China National BlueStar/Rhodia China/France silicones business acq
China National Offshore Oil Corporation/China National Chemical Construction Corporation China/China fertilizer company acq
China North Industries Group Corp (CNGC)/Liaoning Huajin Tongda Chemical China/China fertilizer producer acq 60% stake
Chisso Asahi Fertilizer/Chisso & Asahi Kasei Chemicals Japan/Japan merger of R&D and production operations into existing jv firm 63:35 jv
Ciech/Zaklady Chemiczne Organika Zachem Poland/Poland epichlorohydrin producer acq 80% stake €17.9m
Ciech/Zaklady Chemiczne Organika-Sarzyna Poland/Poland epoxy polyester and phenol-formaldehyde resins and pesticides acq 80% stake €63.4m
Clariant/Ciba Specialty Chemicals Switzerland/Switzerland masterbatches business acq
Close Brothers Private Equity/Chemtura UK/US non-core industrial water additives business acq €66m
Croda International/Uniqema UK/UK specialty olechemicals acq €596m
Cytec Industries/American Melamine Industries US/US DSM's sells 50% stake in melamine joint venture 50% to 100%
DC Chemical & One Equity Partners/Columbian Chemicals South Korea/US Phelps Dodge carbon black subsidiary acq €493m
Degussa/Dow Chemical Germany/US super-absorbents business acq
Degussa/Fujian Nanping Xinyuan Investment Co (Degussa Wellink Silica (Nanping) Co (DWS)) Germany/China performance silica joint venture 60:40 jv
Di Oils/Lubrizol UK/UK purchase of Bromborough,UK, factory acq €4.5m
Dial/Procter & Gamble US/US Henkel subsidiary buys deodorant brands acq $240m
Dishman Pharmaceuticals & Chemicals/Carbogen Amcis India/Switzerland Solutia's Switzerland-based pharmaceuticals research business acq $75m
Dishman Pharmaceuticals & Chemicals/IO3S India/Switzerland ozone chemistry acq
Dow Chemical/Zhejiang Omex Environmental Engineering US/China water treatment and design company acq
Dr Reddy/Betapharm India/Germany generic drug company acq
Dr Reddy/Roche India/Mexico Roche's API business in Mexico acq $59m
DSM Venturing/Sciona Netherlands/US personalised nutrition company acq major shareholding
DuPont Chemical Solutions/Belco Technologies US/US air pollution control acq
Egeplast Werner Strumman/Solvay Germany/Belgium HexelOne reinforced plastic pipe technology acq
Egeria/Lanxess Netherlands/Germany textile processing chemicals business acq €54m
Elastogran/Chemtura Germany/US Witcothane business acq
ETL Semko KK/Electro-magnetic Compatibility UK/Japan Akzo Nobel's electromagnetic business acq €13m
Fact/Arkema Germany/Germany Pryltex long glass fibre polypropylene unit acq
Firestone Building Products/Omnova Solutions US/US GenFlex Building Products business acq €31.5m
Frutarom/Gewurzmuhle Nesse Israel/Germany Flavouring and food ingredients acq 70% Euro18.4m
Fuji Electronic Materials/Planar Solutions US/US Arch Chemicals's 50% share acq 50% stake $17m
Fuji Photo Film Co/Avecia Japan/UK inkjet business acq $260m
Georgia Gulf/Royal Group Technologies US/Canada plastics building products acq €1.2bn
Gilead Sciences/Raylo Chemicals Canada/Canada Degussa's reduces stake acq stake €115m
Givaudan/ICI Switzerland/UK Quest flavours and fragrances acq €1.7bn
Graceway Pharmaceuticals/3M US/US pharmaceutical business in US, Canada and Latin America acq $875m
Greif/Delta Petroleum US/US Riverside Company's blender and packager of chemicals business
Grupo Nutec/Cookson Mexico/UK ceramic fibres jv 50% - 100% $2m
Hamilton Robinson/Davis Standard US/US Chemtura's stake in the polymer processing and equipment joint venture to 100% €56m
HB Fuller/Henkel US/Germany insulating glass sealant business acq
Henkel/ICI Germany/UK Cimsec tile adhesive and grouts business acq
Henkel/Procter & Gamble Germany/ deodorant brands acq
Hexion Specialty Chemicals/Akzo Nobel US/Netherlands inks and adhesives resins business acq €88m
Hexion Specialty Chemicals/Rhodia US/France decorative coatings and adhesives business acq
Hexion Specialty Chemicals/Orica US/Australia adhesives and resins business acq
Honeywell/UOP US/US Buys out Dow Chemical's half share acq
Huntsman/Ciba Specialty Chemicals US/Switzerland textile effects business acq €212m
ICI/Shaw Mudge & Company UK/US fragrance business acq
IM Skaugen/Zhangjagang Shenghui Chemical Machinery (Shenghui Gas & Chemical Systems (Zhangjiagang)) Norway/China marine equipment manufacturer jv
Incitec Pivot/Southern Cross Fertilizers Australia/Australia BHP Billiton's ammonium phosphate business acq €100m
INEOS/BP UK/UK ethylene oxide/ethylene glycol business based in Dormagen acq
International Chemical Investors Group/Albemarle Germany/US potassium chloride chemicals facility in France acq
Investor/Celanese Corporation US/US Blackstone reduces stake from 52% to 30% stake 22% $744m
Ironbridge Capital & Archer Capital/3M Australia/US pharmaceutical business in Asia-Pacific, including Australia and South Africa acq $349m
Johnson & Johnson/Pfizer US/US consumer healthcare business acq
Johnson Matthey/Davy Process Technology UK/Russia UK-based process technology company bought from Yukos acq €58m
Kali und Salz/Sociedad Punta de Lobos Germany/Chile salt producer acq $477m
Kemira Growhow/Terra Industries Finland/UK fertilizer and associated process chemicals business 50:50 jv
Kemira/Cytec Industries Finland/US water treatment chemicals unit and acrylamide product lines acq $240m
Kemira/Lanxess Finland/Germany paper chemicals business acq €88m
Kemira/Metachem Industrial e Comercial Finland/Brazil additives joint venture 51:49 jv
Koch Industries/Georgia Pacific US/US paper production acq $13.2bn
Koch Industries/Simplot US/Canada Simplot's fertilizer activities business acq
Kohlberg Kravis Roberts & Goldman Sachs/Kion Germany/Germany Linde's material handling business acq €4bn
La Seda de Barcelona/Advansa Spain/Turkey Sabanci-owned PTA/PET manufacturer acq
Lam Soon Group/Akzo Nobel Malaysia/Netherlands olechemicals jv 65% to 100% €24m
Lee Chang Yung Chemical Industry Corp/Taiwan Polypropylene Co Taiwan/Taiwan Basell's 36% stake in polypropylene company acq 36% stake
Linde/BOC Germany/UK industrial gases acq €12bn
Linde/Karbogaz Germany/Turkey industrial gases producer acq
Lion Chemical/Chemtura US/US EPDM and rubber chemicals business acq
Lonza/Cambrex Switzerland/US Research Bioproducts and Microbial Biopharmaceutical businesses acq €367m
Lonza/Celanese Switzerland/US omega-3 docosahexaenoic acid business acq
Lonza/UCB Switzerland/Belgium bioproducts division acq €120m
Lord Corporation/Henkel US/Germany rubber-to-metal bonding chemicals business acq
L'Oreal/Body Shop France/UK cosmetics business acq €941m
Lyondell Chemical/Lyondell-Citgo Refining US/US Citgo Petroleum's 41.25% stake in the LCR joint venture in Texas 58.75% to 100% $2.1bn
MAE/Lereno Sdn Bhd Singapore/Malaysia stake in biodiesel business acq 38% stake €4.7m
Malladi Drugs and Pharmaceuticals/Novus Fine Chemicals India/US bulk drugs facility acq €19m
MBO/Calgon Carbon Germany/US charcoal and derivatives business acq $19m
MBO/Solvitol UK/UK aerosols and chemical manufacturer acq €4.7m
Meda/3M Sweden/US pharmaceutical business in Europe acq $857m
Megtec Systems/Calgon Carbon US/US solvent recovery business acq
Merck KGAA/Serono Germany/Switzerland biopharmaceutical company acq €10.5bn
Mitsubishi Corp/Kohijin China/Japan fine chemicals acq €59.5m
Mitsui Chemicals/Sankyo Agro Japan/Japan Daiichi Sankyo's agrichemical business acq €280m
Monsanto/Delta & Pine Lane US/US cotton seed company acq $1.5bn
Novartis/Sankyo Lifetech Company Switzerland/Japan animal health business acq
Nuon/Helianthos Netherlands/Netherlands Akzo Nobel's solar cell production venture acq
Nycomed/Altana Denmark/Germany pharmaceutical business acq €4.5bn
Nylex/CKG Malaysia/Singapore chemicals distributor acq €20m
Oaktree Capital Management/Nordenia International US/Germany polyethylene film extruder acq
Oldcastle Materials/APAC US/US Ashland's paving and construction subsidiary acq $1.3bn
Omya/JM Huber Switzerland/US paper minerals business acq
Orica/Dyno Nobel Australia/Denmark commercial explosives acq
Orica/Minova Australia/UK chemical products for mining and civil engineering industries acq €515.5m
Otsuka Chemical/Borregaard Taicang Chemicals Japan/Norway Borregaard's carbamate pesticides business acq
PCS/Sinofert Canada/China increased stake in fertilizer distributor 10% to 20% $125m
Performance Fibers Holdings/Invista Resins & Fibers US/Germany polyester yarn business acq
Permira/BorsodChem UK/Hungary polyvinyl chloride and isocyanates firm acq €870m
Perstorp/Hansol Chemicals Sweden/South Korea stake in South Korean trimethyl propane jv to 100%
Petrobras Quimica/Companhia Integrada Textil do Nodeste (Companhia Integrada Textil de Pernambuco) Brazil/Brazil jv to make POY 40:60 jv
Petrochem Middle East/Matrix Chemical Dubai/US chemical wholesaler acq
PKN Orlen/Mazeikiu Nafta Poland/Lithuania refining company acq
PPG Industries/Ameron International US/US performance coatings and finishes business acq $115m
PPG Industries/Dongui Industrial US/South Korea increased stake in coatings business 50% to 100%
PPG Industries/Protec (including Fortec Paints) US/Australia car refinish coatings acq
PPG Industries/Spectra-Tone US/US architectural paint and coatings manufacturer acq
PQ Corp/INEOS Silicas US/US North American sodium metasilicate business acq
Private Equity/Industrial Water Additives UK/US Chemtura's water division acq
Private Equity (Advent International & The Carlyle Group)/Bayer UK-US/Germany rare metals and electronic chemicals business, HC Starck acq €1.2bn
RAG/Degussa Germany/Germany chemical producer acq
Reilly Industries/Rutherford Chemicals (Vertellus Specialties) US/US merged by Arsenal Capital merger
Rentech/Royster-Clark US/US Fischer-Tropsch coal-to-liquids and gas-to-liquids technology acq
Rexam/Precise Technology UK/US plastics packaging acq $257m
Rhodia/Societe Generale France/France CO2 trading activities jv jv
Rockwood Chemical Specialties/Rohm and Haas US/US wood-treatment joint venture effective from January 07 50:50 jv
SABIC/Huntsman Saudi Arabia/US European base chemicals and polymers business acq €550m
SABIC/Kayan Saudi Arabia/Saudi Arabia partnership agreement in Saudi Kayan Petrochemical Company 35%/20% stake
San Paolo IMI/Biolchim Italy/Finland Kemira sells 50% stake in Italian specialty fertilizer unit acq 50% stake
Shasun Chemicals & Drugs/Rhodia India/France Pharma Solutions business acq
Shinkong Synthetic Fibers Corporation/Lonza Taiwan/Switzerland LOFO films business acq
Sibeco/Sepulchre (Azelis Benelux) Belgium/Belgium Azelis merges two operating companies
Siemens/Bayer Germany/Germany diagnostics equipment business acq
Sigma-Aldrich/Beijing Superior Chemicals and Instruments US/China distributor acq
Sika/Covercrete Flooring Systems Switzerland/Canada polyurethane flooring producer acq €3.4m
Sika/Sucoflex Switzerland/Switzerland Huber+Suhner's roofing and waterproofing business acq
Sinochem Group/Qinghai Salt Lake Industry Group China/China increased stake in potash manufacturing 1.13% to 26.13% stake
Sociedad Quimica y Minera de Chile (SQM)/DSM Chile/Chile DSM's iodine production facilities acq
Solutia/Quimica M US/Mexico Mexican polyvinyl butyral jv 49% - 100%
Solvay/Mississippi Polymer Technologies (MPT) Belgium/US ultra performance polymer business acq
Snow, Phipps & Guggenheim/Hercules US/US FiberVisions speciality polyolefins fibres producer acq 51% stake $109m
Stork Industry Services/Akzo Nobel Base Chemicals Netherlands/Netherlands technical services department at Botlek industrial site acq
Sud-Chemie/WD-Giesserei-Technik Germany/Germany specialty resins business acq
Sud-Chemie/Tricat Zeolites Germany/Germany zeolite catalyst producer acq
Sun Capital Partners/Lubrizol US/US non-core food ingredients and industrial specialties operations acq $270m
Supreme Petrochem/Shin Ho Petrochemicals (India) India/India polystyrene producer acq 55%
Syngenta/Emergent Genetics Vegetable Germany/Netherlands seed firm acq
Taiyo Nippon Sanso/Linde & BOC Japan/Germany helium assets acq
Taminco/Air Products US/US amines business acq
Tata Chemicals/Brunner Mond India/UK soda ash production acq €94.73m
Tatar-American Investments & Finance (TAIF)/Nizhnekamskneftekhim US/Russia chemical producer acq 28.6% stake
TDG/Mond UK/Belgium specialty chemicals acq €26.3m
Texas Petrochemicals/Huntsman US/US US butadiene and MTBE business acq
Tikkurila/Kraski Teks Finland/Russia paint manufacturer acq $40m
Toagosei/Mitsui Chemicals AquaPolymer (MT AquaPolymer) Japan/Japan polymer flocculant business merger 51:49 jv
Tosoh Corp/Nippon Polyurethane Industry Japan/Japan increased stake in polyurethane company 35% to 51%
Total/Cepsa France/Spain increased stake in chemical producer 44.48% to 48.83% stake €53m
Tower Brook Capital Partners/Clariant UK/Switzerland pharma and fine chemicals business acq
Trelleborg/Reeves Brothers Sweden/US polymer coated fabrics producer acq €1.4m
Trutzschler Group/GEA Group Germany/Germany Fleissner textile machinery manufacturing business acq
UCB/Schwarz Pharma Belgium/Germany drugs company acq €4.4m
Umicore/Solvay (Solvicore) Germany/Belgium membrane electrode assemblies jv 50:50 jv
Uniqema/BP UK/UK Icematic series of Castrol refrigeration lubricants acq
US Equity Company & MBO/Vestolit US/Germany Candover Partners sells PVC producer acq
Valspar Corp/HB Fuller US/US powder coatings business acq
Valspar/Huarun Paints US/China stake in coatings company acq 80% stake $290m
Viceroy Acquisition/Eastman Chemical US/US Eastman Chemical's speciality organic chemicals subsidiary acq $75m
Vuya Investment/Henkel South Africa/Germany South African business acq 26% stake
Watson Pharmaceuticals/Unnamed company America/India active pharmaceutical ingredient company acq
Wendel Investissement/Group Materis Germany/France specialty chemicals for the construction industry acq
Westlake Chemical/Eastman Chemical US/US polyethylene business acq €203m
WR Grace/Basell US/Germany components business and custom catalyst assets in Edison, New Jersey acq
Yara International/China BlueChemical Norway/China stake in fertilizer producer stake
Yara International/Fertibras Norway/Brazil stake in fertilizer distribution and marketing company 48.09% stake acq $126m
Yara International/Olmeca Norway/Mexico Sociedad Quimixa y Minera de Chile's fertilizer retail firm acq


M&A 2006
A YEAR OF ACTIVITY

Global M&A and joint venture activity as reported by ICIS Chemical Business over the past 12 months

ICIS Chemical Business's annual listing sets out all the take-overs, spin-offs, mergers and major joint ventures in the chemical sector, as reported in the magazine in the past year.

The period of coverage extends from mid-November 2005 to the end of November this year, giving a full year of events. This year, all deals reported in the magazine are included, in contrast to previous years when only those with a European involvement were listed.

The companies are listed alphabetically, giving the acquiring firm first and the targeted company second. Generally, the location given is the country in which the company's group headquarters are to be found. Values of deals have been included whenever this was disclosed.

ICIS Copyright © Reed Business Information 2009





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