Business Services Industry
Resurgent Pivot puts Orica on the rack.
Australasian Business Intelligence, January, 2003
Jan 28, 2003 (The Sydney Morning Herald - ABIX via COMTEX)
On 24 January 2003, Orica announced a $A10.75-a-share takeover bid for Australian fertiliser group, Incitec. The bid was well above Incitec's market price of around $A7.35. The offer prompted a 44, or $A3.27, surge in Incitec's share price to $A10.62 on 28 January. In contrast, Orica's shares eased by two per cent to close at $A10.05. The Australian explosives and chemicals company was forced to include a huge premium in its offer because of potential legal action by 20.8 Incitec shareholder, Futuris Corporation. Any action by Futuris could have uncovered confidential commercial information relating to supply contracts between Orica and Incitec. Meanwhile, Orica's costs may blow out even further because...
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