Business Services Industry
Incitec in surge after mop-up bid.
Australasian Business Intelligence, January, 2003
Jan 28, 2003 (The Courier-Mail - ABIX via COMTEX)
Shares in Australian chemical and fertiliser group Incitec surged 44 per cent or $A3.27 to $A10.62 on 28 January 2003. The rise came after its 77 per cent owner, Orica, launched a $A10.75-per-share takeover offer to mop up the Incitec shares it does not already own. Incitec has said that it is likely to recommend shareholders accept the offer, subject to the advice of an independent expert and the absence of a higher bid. Orica seeks to merge Incitec's fertiliser business with Pivot and to absorb Incitec's chemical business into Orica. One analyst says some market observers question whether Orica is offering too much money for Incitec shares.
Publication Date: 29 January 2003
ORICA LIMITED -...
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