Japanese conglomerate Sumitomo Corp. has acquired 44.98% stake in Excel Crop Care Ltd for around Rs.623.44 crore and also announced the launch of a Rs.415.80 crore open offer to acquire further 30% stake in the company.
Mumbai-based Excel Crop Care in a filing to BSE Ltd said its board in a meeting on Sunday approved a share purchase agreement between the company, its promoter group entities and certain public shareholders, and Sumitomo group.
Under the agreement, Sumitomo is acquiring over 49.5 lakh equity shares of the company at Rs.1,259.36 apiece from the company, promoter group entities and certain public shareholders, comprising members of Ratnabali group, the filing said.
The company and the promoter group entities are selling 27,20,501 shares, aggregating to 24.72% stake of the total paid-up equity share capital to Sumitomo Chemical Co. and its nominees.
Besides, Sumitomo Chemical Co. is acquiring 22,30,000 equity shares, aggregating to 20.26% stake from public shareholders.
In a separate filing, Excel Crop Care said Sumitomo will launch an open offer for public shareholders to acquire over 33 lakh share, constituting 30% stake, at Rs.1,259.36 apiece, amounting to Rs.415.80 crore.
INEOS Styrolution, the global leader in styrenics, has today announced the official opening of a new world-scale ABS facility located in Ningbo, China, together with its joint venture partner SINOPEC. The facility has an annual nameplate capacity of 600,000 tonnes.
The merger of Röhm’s Acrylic Products business unit and SABIC’s Functional Forms business has resulted in the formation of Polyvantis. This new company will offer extruded products in the forms film, sheet, pipe and rod for markets that include building and construction, transportation and aviation, electrical and electronics, automotive and home and garden.
Abu Dhabi National Oil Co. (Adnoc) is considering plans to acquire upstream oil and gas company Wintershall DEA, an affiliate of BASF SE, according to a Bloomberg report citing people with knowledge of the matter. A deal to acquire Wintershall DEA could be worth more than €10 billion, the report said. BASF and Adnoc declined to comment on the report.