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Industry: Email Alert RSS FeedFTC Nixes Grace's $455 Million Acquisition of ICI's Crosfield.
Chemical Market Reporter, October, 1998 by Chang, Joseph
W.R. GRACE & Co.'s planned acquisition of Imperial Chemical Industries PLC's Crosfield silica and catalysts business for $455 million, announced in April, has been scuttled by regulatory hurdles in the US. The acquisition was initially expected to close in the third quarter, but Grace said in September that the closing would be delayed so the companies could address antitrust issues raised by the Federal Trade Commission (FTC).
Since then, Grace and ICI have been unable to gain FTC clearance for the transaction. "Though we were unable to acquire Crosfield, our goals remain unchanged," says Grace chairman, president and CEO Albert J. Costello. "We will aggressively complete our 20 percent share repurchase program, and I am comfortable that our third...
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