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PPG extends tender offer period for Tikkurila, waits for Russia approval

April 15/2021

MOSCOW (MRC) -- PPG has announced that it is extending the tender offer period for all issued and outstanding shares of Tikkurila Oyj to May 11, 2021, as per the company's press release.
 
The tender offer period, which commenced on Jan. 15, 2021, was most recently scheduled to expire on April 14, 2021.
 
As previously announced, the European Commission and the Ministry of Economic Affairs and Employment of Finland have approved the tender offer.
 
The European Commissions merger control approval applies without conditions across the European Union, including Poland. 
 
The Agency for Protection and Development of Competition of the Republic of Kazakhstan has also now approved PPGs acquisition of Tikkurila. 
 
The completion of the tender offer remains subject to the receipt of regulatory approval from the Federal Antimonopoly Service of Russia, 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 of Tikkurila.
 
PPG will provide additional updates on or shortly after the extended tender offer period expires on May 11, 2021, and expects to close the acquisition shortly thereafter.

As MRC informed earlier, 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 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.

Tikkurila was established in 1862, and is headquartered in Vantaa, Finland. Tikkurila operates in eleven countries and its 2,700 dedicated professionals share the joy of building a vivid future through surfaces that make a difference. The company is a leading producer and distributor of decorative paint and coatings with more than 80% of its revenue coming from Finland, Sweden, Russia, Poland, and the Baltic states. Its premium brands include Tikkurila, ALCRO, and Beckers. In addition, Tikkurilas industrial paint business participates in the wood and protective coatings end-use segments, among others. The company employs approximately 2,700 people globally and reported sales of approximately EUR 582 million in 2020.


mrcplast.com
Author:Margaret Volkova
Tags:Europe, propylene, ethylene, coatings, adhesives, paints and coatings, PPG, Tikkurila, Kazakhstan, Russia, Finland.
Category:General News
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