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PPG extends tender offer deadline for all Tikkurila shares

March 29/2021

MOSCOW (MRC) -- PPG has extended the tender offer period for all issued and outstanding shares of Tikkurila Oyj to April 14, 2021, according to BusinessWire.

The tender offer period, which commenced on January 15, 2021, was scheduled to expire on March 30, 2021.

PPG is acquiring Tikkurila for EUR34/share, or around EUR1.52bn in cash.

As MRC reported earlier, the European Commission and the Ministry of Economic Affairs and Employment of Finland each have granted approval of the tender offer.

The European CommissionТs merger control approval applies without conditions across the European Union, including Poland. The offer remains subject to the receipt of other regulatory approvals outside of the European Union, which PPG anticipates receiving within this extended period, and to additional customary conditions to completion, including the valid tender of shares representing, together with shares otherwise held by PPG and its subsidiaries, more than 66.7% of the outstanding shares.

PPG will provide additional updates on or shortly after the extended tender offer period expires on April 14, 2021, and expects to close the acquisition shortly thereafter.

Additional details about the extension of the tender offer are contained in the attached Nasdaq Helsinki stock exchange release.

We remind that in February 2020, PPG completed its acquisition of Industria Chimica Reggiana (ICR, Reggio Emilia, Italy), a maker of automotive refinish products. Financial terms of the deal, including purchase price, were not disclosed. The deal was announced on 8 January. ICR was founded in 1961 and employs about 180 people. ICR manufactures automotive refinish products, including putties, primers, basecoats and clear coats. It also makes a range of coatings, enamels and primers for light commercial vehicles and other light industrial coatings applications. ICR employs about 180 people and sells its products in more than 70 countries in Europe, Africa, the Middle East, the US and Latin America.

We also remind that Russia's output of chemical products rose in February 2021 by 5.3% year on year. Thus, production of basic chemicals increased year on year by 7.5% in the first two months of 2021, according to Rosstat's data. Last month's production of polymers in primary form in Russia was 861,000 tonnes versus 196,000 tonnes in January. Overall output of polymers in primary form totalled 1,770,000 tonnes over the stated period, up by 8.4%  year on year.
Author:Margaret Volkova
Tags:propylene, ethylene, coatings, adhesives, paints and coatings, PPG, Tikkurila, Russia, USA.
Category:General News
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