| |
Tata Chem ups bid for Egypt firm
The Telegraph — June
7, 2005
Tata Chemicals has raised its bid price for Egyptian Fertilizers
Company, to $352 a share, (over Rs 15,000). The price is $2
more than what rival Egypt Kuwait Holding had offered.
Tata Chemicals has valued Egyptian Fertilizers Company at
$519 million (Rs 2,335.50 crore). It had earlier offered $305
a share for the Egyptian company, while Egypt Kuwait Holding
had offered $350.
The maker of caustic soda, soda ash, urea and potash fertilisers
has managed to stay in the race for the Egyptian company by
raising the offer.
Homesfield International, a Tata Chemicals subsidiary, will
now offer $352 a share for all of the Egyptian company's 1.475
million shares, the stock exchange said.
Tata Chem wants at least an 88.25 per cent stake in the company,
reports added.
|
