India“s Tata Chemicals has acquired the remaining 36.5% of the paid-up capital in the Brunner Mond group for INR 2.9 billion through its wholly-owned subsidiary, the firm said 8 March 2006.
In Decem…
India“s Tata Chemicals has acquired the remaining 36.5% of the paid-up capital in the Brunner Mond group for INR 2.9 billion through its wholly-owned subsidiary, the firm said 8 March 2006. In December 2005, Tata Chemicals acquired 63.5% of the paid-up capital from Wayland Investments and Barclays Bank for INR 5.08 billion. At that time, Prasad Menon, managing director, Tata Chemicals, said the company would be making a mandatory offer to other shareholders for the balance. Post acquisition, Tata Chemicals becomes the world“s third largest producer of soda ash after the Brussels-based Solvay and US-listed FMC Corp. Before the acquisition, Tata Chemicals had a soda ash capacity of 0.9 million tonnes. Brunner Mond has a capacity of 2 million tonnes spread over four plants, is the second largest producer of soda ash in Europe and the fifth largest worldwide. The Brunner Mond acquisition expands Tata Chemicals“ presence beyond Asia and some countries in the Middle East to take in European countries like Germany and France as well as Africa. In 2005, Tata Chemicals also picked up a 33% stake in IMACID, Morocco.