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Kumba to acquire Ticor’s remaining stake |
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Written by Administrator
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Sunday, 08 August 2004 |
South African Kumba Resources, which owns 51.5 percent of Ticor, offers A$1.875 a share for the rest of Ticor.
South African Kumba Resources, which owns 51.5 percent of Ticor, offers A$1.875 a share for the rest of Ticor.
Ticor said in the statement, “The independent directors have unanimously formed the view that in the absence of a superior offer, it should be recommended that Ticor shareholders vote in favor of the scheme.”
The grown economy has stimulated the demand for paint and paper, lashing titanium dioxide pigment prices up 10 percent in the past year. Ticor, which gets 51 percent of its sales from pigment, jointly owns the Tiwest venture in Western Australia with the Oklahoma City-based Kerr McGee Corp.
Ticor said the shareholders of AXA Asia Pacific Holdings Ltd. and Perennial Value Management Ltd. said they plan to vote in favor of the takeover. AXA holds 28.6 percent and Perennial Value owns 8.3 percent of the Ticor respectively.
Pretoria, South Africa-based Kumba, the world's fourth- largest iron ore producer, is controlled by Anglo American Plc. |
