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Article: EC Approves Rhodia's Acquisition of Albright.
- Article from:
- Chemical Market Reporter
- Article date:
- July 26, 1999
CopyrightCOPYRIGHT 1999 Schnell Publishing Company, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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THE EUROPEAN Commission has given Rhodia the go-ahead to acquire Albright & Wilson. But Rhodia has had to agree to bring outside competition into certain European phosphate-derivative markets in which it would have otherwise gained a dominant position.
The purchase will merge two of the largest phosphate producers, making Rhodia the world's biggest supplier of specialty phosphates with sales of [epsilon]1.3 billion ($1.3 billion).
Through ISPG of Austria, which has been acting as an acquisition vehicle, Rhodia offered 167.5 pence per share for Albright & Wilson, valuing it at [pounds]526 million ($851 million) and outbidding Albemarle Corporation, its ...