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Tata Chem acquires BMGL
By agencies
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Tuesday, 07 March 2006, 20:30 IST
MUMBAI: Tata Chemicals Ltd (TCL) informed that it has acquired the balance shares constituting 36.5 percent of the paid up capital of Brunner Mond Group Ltd (BMGL), U.K.
The shares were acquired for a consideration of $65.90 million. This follows the mandatory offer for outstanding shares the company made since buying 63.5 percent equity in BMGL for $115.45 million, through its wholly owned subsidiary, in December 2005.
According to the company statement, The total consideration paid amounts to $181.81 million, an official statement on TCL becoming 100 percent owner of BMGL. The combined soda ash capacity of the two companies had been pegged at three million tones.