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News Breaks
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June 30, 2011
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| 06:04 EDT |  | AKZOY |
| theflyonthewall.com: | AkzoNobel strengthens leadership in specialty plastic coatings | | AkzoNobel has announced its intention to acquire coatings manufacturer Schramm Holding AG and the coatings activities operated by Schramm's largest shareholder, Korean company SSCP. The deal will enable AkzoNobel to strengthen its global leadership position in specialty plastic coatings and is expected to close in the second half of the year. Under the terms of the transaction, Schramm's shareholders will receive a voluntary conditional offer in cash for every Schramm share, valuing the share capital of the company at approximately EUR142M, or HK$1,566M. The offer will be conditional upon receiving sufficient acceptances from Schramm shareholders and relevant merger control clearance. Schramm's largest shareholder, SSCP, has entered into an irrevocable agreement with AkzoNobel to sell their outstanding shares in Schramm - 75% of the total holding - should the offer be accepted by shareholders. Furthermore, AkzoNobel has entered into an agreement with SSCP regarding the purchase of SSCP's carved-out coatings business based in Korea, subject to satisfactory due diligence, SSCP shareholder approval and closing and settlement of the voluntary conditional offer for Schramm Holding AG. :theflyonthewall.com |
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