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Akzo bid ‘undervalues’ ICI
FOCUS UHMW-PE to 90,000 tonnes/y and 35,000 tonnes/y for LFRT. Both plants will be completed in 2008. The Phase II of Victrex’s Asia Innovation and Technology Centre (AITC), which was inaugurated in Jun 2007, was completed with the startup of its second coatings production plant in Shanghai. Akzo Nobel intends to install a €250 M ethylene amines and chelating agents facility in Ningbo. The chelating agents facility is due for startup in 2009, while the ethylene amines plant will come online in early 2010. Akzo Nobel has an existing polymer chemicals and powder coatings facility in Suzhou. Plastics and Rubber Asia, Jun 2007, 22 (150), 4
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2007, nine months ended Dec 2006 besides the audited consolidated results for the years ended Mar 2006 and Mar 2007. Business Standard, 11 May 2007, 9 (267), I.9
Akzo Nobel commissions paints plant in Russia Akzo Nobel Powder Coatings has officially commissioned its first paints plant in Russia, at Orekhovo, near Moscow. There is space on the site for the €13 M facility to be expanded in the future. The plant has two production lines and the commissioning of a further two lines is planned for mid-2008. Het Financieele Dagblad, 5 Jul 2007, (website: http://www.fd.nl/) (in Dutch)
Asian Paints: results for 4Q 20062007 Asian Paints Ltd has reported a net profit of Rup 690.8 M on net sales/ operating income of Rup 7270.27 M for 4Q ended Mar 2007 (net profit of Rup 200.85 M on net sales/ operating income of Rup 5644.83 M in 4Q ended Mar 2006). During 4Q 2006-2007, the company derived revenues of Rup 7017.33 M from its paints business (revenues of Rup 5503.91 M in 4Q 2005-2006). Asian Paints posted a net profit of Rup 2699.25 M on net sales/ operating income of Rup 28.21293 bn for the year ended Mar 2007 (net profit of Rup 1878.05 M on net sales/ operating income of Rup 23.19155 bn in the year ended Mar 2006). The company has recommended a final dividend of Rup 1/share taking the total dividend to Rup 13/share of Rup 10 for 2006-2007. Asian Paints commissioned its new industrial paints manufacturing plant at Taloja in Maharashtra on 9 Feb 2007. The included tables highlight the audited results, segment-wise revenue and capital employed by the company for the quarters and years ended Mar 2006, Mar JULY 2007
Akzo bid ‘undervalues’ ICI UK-based paints, adhesives and speciality products producer ICI has declined the acquisition offer from Akzo Nobel, a paints and coatings manufacturer in the Netherlands, saying that the offer undervalues the company. Akzo Nobel’s bid of 600 pence/share would peg ICI’s value at £7.2 bn ($14.3 bn). ICI said the proposal was unanimously rejected by its board. Observers had expected Akzo Nobel’s move on ICI after the company announced the sale of its Organon BioSciences to Schering-Plough for €11 bn. Analysts expect Akzo to increase its offer, and that a bidding war could increase the takeover offer to up to 700-750 pence/share. ICIS Chemical Business, 25 Jun 2007, (website: http://icischemicalbusiness.com)
Akzo told to ‘put up or shut up’ on ICI bid The future of one of Britain’s most famous companies could be decided by the end of the summer after the Dutch conglomerate Akzo Nobel was given until 9 Aug 2007 to bid for the Dulux paints group ICI or
C OAT I N G S walk away. ICI asked the Takeover Panel to issue a “put up or shut up” order after hearing nothing from Akzo since rejecting a £7.2 bn takeover proposal on 4 Jun 2007. The ruling means that unless Akzo makes a bid by the deadline it will be barred from launching a takeover for six months. ICI shares fell 6p to 614p, suggesting the market is unconvinced that Akzo will come back with a bid. Akzo cleared the decks by selling its pharmaceutical division for around £11 bn in order to concentrate on its paints business. Akzo owns Crown paints in the UK, which has a 14% market share, while ICI’s Dulux has 40%, so a combination of the two brands would be certain to trigger a competition probe. But observers believe that Akzo would be prepared to sell Crown to gain the rest of ICI’s business, which is growing by leaps and bounds in Latin America and Asia. ICI, once seen as a barometer of Britain’s industrial health, is one of the world’s leading coatings, adhesives, starch and synthetic polymers businesses and could attract rival bids from the likes of Germany’s BASF or US giants such as DuPont and Dow Chemical. The Independent, 7 Jul 2007, (website: http://www.independent.co.uk)
Asian Paints to sell off Australian unit Paint major Asian Paints has decided to divest its stake in Asian Paints (Queensland) Ltd held by its 100% subsidiary Asian Paints (International), Mauritius. Analysts opine that the divestment of the stake will not significantly affect the company’s performance, as the operations of the Australian unit contributed only Rup 150 M to Asian Paint’s total revenues of Rup 37 bn in 2006-2007. Business Standard, 16 Jun 2007, 9 (298), II.1
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ON
POWDER
2007, nine months ended Dec 2006 besides the audited consolidated results for the years ended Mar 2006 and Mar 2007. Business Standard, 11 May 2007, 9 (267), I.9
Akzo Nobel commissions paints plant in Russia Akzo Nobel Powder Coatings has officially commissioned its first paints plant in Russia, at Orekhovo, near Moscow. There is space on the site for the €13 M facility to be expanded in the future. The plant has two production lines and the commissioning of a further two lines is planned for mid-2008. Het Financieele Dagblad, 5 Jul 2007, (website: http://www.fd.nl/) (in Dutch)
Asian Paints: results for 4Q 20062007 Asian Paints Ltd has reported a net profit of Rup 690.8 M on net sales/ operating income of Rup 7270.27 M for 4Q ended Mar 2007 (net profit of Rup 200.85 M on net sales/ operating income of Rup 5644.83 M in 4Q ended Mar 2006). During 4Q 2006-2007, the company derived revenues of Rup 7017.33 M from its paints business (revenues of Rup 5503.91 M in 4Q 2005-2006). Asian Paints posted a net profit of Rup 2699.25 M on net sales/ operating income of Rup 28.21293 bn for the year ended Mar 2007 (net profit of Rup 1878.05 M on net sales/ operating income of Rup 23.19155 bn in the year ended Mar 2006). The company has recommended a final dividend of Rup 1/share taking the total dividend to Rup 13/share of Rup 10 for 2006-2007. Asian Paints commissioned its new industrial paints manufacturing plant at Taloja in Maharashtra on 9 Feb 2007. The included tables highlight the audited results, segment-wise revenue and capital employed by the company for the quarters and years ended Mar 2006, Mar JULY 2007
Akzo bid ‘undervalues’ ICI UK-based paints, adhesives and speciality products producer ICI has declined the acquisition offer from Akzo Nobel, a paints and coatings manufacturer in the Netherlands, saying that the offer undervalues the company. Akzo Nobel’s bid of 600 pence/share would peg ICI’s value at £7.2 bn ($14.3 bn). ICI said the proposal was unanimously rejected by its board. Observers had expected Akzo Nobel’s move on ICI after the company announced the sale of its Organon BioSciences to Schering-Plough for €11 bn. Analysts expect Akzo to increase its offer, and that a bidding war could increase the takeover offer to up to 700-750 pence/share. ICIS Chemical Business, 25 Jun 2007, (website: http://icischemicalbusiness.com)
Akzo told to ‘put up or shut up’ on ICI bid The future of one of Britain’s most famous companies could be decided by the end of the summer after the Dutch conglomerate Akzo Nobel was given until 9 Aug 2007 to bid for the Dulux paints group ICI or
C OAT I N G S walk away. ICI asked the Takeover Panel to issue a “put up or shut up” order after hearing nothing from Akzo since rejecting a £7.2 bn takeover proposal on 4 Jun 2007. The ruling means that unless Akzo makes a bid by the deadline it will be barred from launching a takeover for six months. ICI shares fell 6p to 614p, suggesting the market is unconvinced that Akzo will come back with a bid. Akzo cleared the decks by selling its pharmaceutical division for around £11 bn in order to concentrate on its paints business. Akzo owns Crown paints in the UK, which has a 14% market share, while ICI’s Dulux has 40%, so a combination of the two brands would be certain to trigger a competition probe. But observers believe that Akzo would be prepared to sell Crown to gain the rest of ICI’s business, which is growing by leaps and bounds in Latin America and Asia. ICI, once seen as a barometer of Britain’s industrial health, is one of the world’s leading coatings, adhesives, starch and synthetic polymers businesses and could attract rival bids from the likes of Germany’s BASF or US giants such as DuPont and Dow Chemical. The Independent, 7 Jul 2007, (website: http://www.independent.co.uk)
Asian Paints to sell off Australian unit Paint major Asian Paints has decided to divest its stake in Asian Paints (Queensland) Ltd held by its 100% subsidiary Asian Paints (International), Mauritius. Analysts opine that the divestment of the stake will not significantly affect the company’s performance, as the operations of the Australian unit contributed only Rup 150 M to Asian Paint’s total revenues of Rup 37 bn in 2006-2007. Business Standard, 16 Jun 2007, 9 (298), II.1
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