Sector News

Sumitomo acquires stake in Excel Crop Care

June 7, 2016
Chemical Value Chain

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.

Source: LiveMint

comments closed

Related News

July 3, 2022

Neste acquires European rights to Alterra’s chemical recycling tech for difficult plastics

Chemical Value Chain

Neste has bought the European rights for Alterra Energy’s liquefaction technology, strengthening its chemical recycling capabilities. Alterra is a US-based company that has developed a thermochemical solution for liquefying difficult-to-recycle plastics.

July 3, 2022

Maria Soler Nunez appointed as Head, Group Operations at Lonza

Chemical Value Chain

Lonza appoints Maria Soler Nunez as Head, Group Operations. Maria joins Lonza from Novartis where she has led the quality organization since 2020. Maria will commence her tenure with Lonza Group on 1 August 2022, succeeding Stefan Stoffel, who is retiring from Lonza.

July 3, 2022

AkzoNobel announces Gregoire Poux-Guillaume as new Chief Executive Officer as of November 1, 2022

Chemical Value Chain

AkzoNobel has announced that Gregoire Poux-Guillaume will become the company’s new Chief Executive Officer (CEO) as of November 1, 2022. He will succeed Thierry Vanlancker, who has been CEO and member of the Board of Management since 2017, and whose term of office is coming to an end.