Pharma Industry
Industry: Email Alert RSS FeedOrica Makes Bid for Incitec, Confirms Talks with AECI.
Chemical Week, December, 1998 by Wood, Andrew
Orica has made a bid for the 27% stake it does not already own in the chemicals and fertilizers firm Incitec, although its offer ran into problems last week when Incitec's stock price jumped above Orica's cash offer of A$5.50/share. Orica managing director and CEO Philip Weickhardt also confirmed at the company's annual meeting that it has reopened talks to form an explosives jv with AECI (Johannesburg; CW, Nov. 4, p. 6).
Orica's offer values Incitec at about A$659 million ($40 million). According to Weickhardt, the offer price was 23% above Incitec's share price a week before the offer was made. However, Incitec shares had already jumped 10% on takeover speculation and quickly moved above the price of the offer after it was made. At CW press time, Orica had...
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