Japan chemical maker Kuraray to buy Calgon Carbon for $1.1 bln (updated)
21/09/2017 09:06
* Kuraray to buy all Calgon Carbon shares in debt-funded
deal
* Pays premium of 63 pct on Calgon Carbon shares
* Deal worth over $1.3 bln including Calgon Carbon's net
debt
(Adds further details of deal, company backgrounds)
By Thomas Wilson
TOKYO, Sept 21 (Reuters) - Japanese chemical manufacturer
Kuraray Co Ltd 3405.T will buy U.S. firm Calgon Carbon Corp
CCC.N for $1.107 billion, Kuraray said on Thursday, adding the
carbon materials firm as one of its core businesses.
Kuraray said it would buy all of Calgon Carbon's shares for
$21.50 each - a premium of 62.9 percent to the Pittsburgh-based
company's share price on Wednesday of $13.20. Including net
debt, the deal is worth over $1.3 billion, the U.S. firm said.
Kuraray said it aims to leverage Calgon Carbon's global
presence to expand its carbon materials business in areas
including energy and water. The acquisition would speed up
innovation and reduce costs, Kuraray said.
Calgon Carbon's products and services include drinking and
wastewater purification equipment and ultraviolet light
disinfection. It has production and sales bases in seven and 16
countries respectively.
Kurarary said it planned to complete the deal - which will
be funded by debt and is subject to shareholder and regulatory
approval - within the year. It will make Calgon Carbon a wholly
owned subsidiary, it added.
(Reporting by Thomas Wilson; Editing by Christian Schmollinger)
((T.Wilson@thomsonreuters.com; 81-3-6441-1598; Reuters
Messaging: t.wilson.thomsonreuters.com@reuters.net))
Keywords: KURARAY CALGON CARBON/M&A