Business Services Industry
Futuris to gain $130 million from Incitec buyback.
Australasian Business Intelligence, January, 2003
Jan 27, 2003 (The Age - ABIX via COMTEX)
Australian fertiliser group, Incitec, has guaranteed Futuris Corporation's $A130m profit on its Incitec stake. On 27 January 2003, Incitec agreed to buy back Futuris' 20.8 stake, even if the proposed takeover of the company by Orica is abandoned. However, any buyback is conditional on Incitec's other small shareholders being made a similar buyback offer. The buyback proposal, which is subject to shareholder approval, came after Incitec directors met to consider Orica's $A10.75-a-share offer. Orica, which already owns 77 of Incitec, made its offer on 24 January. Incitec's MD, Greg Witcombe, said the board would recommend shareholders accept the offer, unless a higher offer is made.
Publication Date: 28 January...
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