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Solvay sets out to start a bid to obtain chemicals company
 
Solvay sets out to start a bid to obtain chemicals company
Solvay organics announced the launch of a bid to acquire 51% of Girindus AG ,a publicly listed speciality chemicals company based in Bensberg ,Germany.Share holders who hold approximately 35% of outstanding shares have indicated their willingness to sell their stake to Solvay.The transaction is likely to be completed in next few months depending on the successful outcome of the offer and relevant regulatory procedures ,the transaction is likely to be completed in the next few months.Girindus is a an expert research based company ,which manufactures and develops a portfolio of proprietary chemical specialities and processes.This company has developed proprietary technologies for the production of oligo-nucleotides,compounds active in treating genetic diseases. Dr E Piepho general manager of the new business unit and managing director of Solvay Organics GmbH said that" The acquisition of Girindus will mark another step in the implementation of the groups strategy of profitable and sustainable growth." Solvay Organics GnbH is a 100% subsidiary of Solvay GmbH , the German Subsidiary of the Solvay Group.Solvays voluntary offer values Girindus at around Euro 45 million.
Posted On : 10/1/2005 2:07:08 PM

 
 
 
Solvay sets out to start a bid to obtain chemicals company