ICI sells Uniqema to Croda for GBP 410 million

Imperial Chemical Industries PLC agreed on selling its oleochemicals and surfactants business, Uniqema, to Croda International PLC for a gross consideration of GBP 410 million (GBP 1 = EUR 1,44), subject to closing balance sheet adjustments, including working capital and net debt. Of the gross consideration, GBP 24 million will be used to provide for deal-related costs and tax. Of the balance, approximately GBP130 million will be used to reduce ICI's related post-retirement benefit deficits and around GBP 256 million will be used to reduce net debt. The transaction is expected to be completed in Quarter 3, 2006, subject
to approval by Croda shareholders, regulatory approval and employee consultation. In the case of the Uniqema business within ICI India Limited, the transaction is subject to its shareholders' approval. The Uniqema business within ICI Pakistan Limited will not be part of the transaction.

© Eurasian chemical market, 2005-2022