09 March 1999
Albemarle bids for Albright and Wilson

ALBEMARLE, the US speciality chemicals company, yesterday launched a £408 million cash bid for Albright & Wilson (A&W).

The Virginia-based company, which has a market value of over $1bn, said last night it had already acquired over 18% of A&W in the market.

A&W, which produces chemicals for agriculture and detergents, has reportedly been approached by several other companies.

These are believed to be Rhodia, part of Rhone-Poulenc, FMC and Witco.

A&W shares have been battered by a downturn in chemical markets and were trading some 50% below their 1995 flotation price before the start of speculation.

Floyd Gottwald, Albermarle chief executive, said a combination with A&W would boost his companys geographical spread, giving it an important foothold in Europe.

A&Ws products were complementary to Albermarles polymer and fine chemicals, he added.

  • The Times 09/03/02/99 page 28, page 30 (Tempus)
  • The Independent 09/03/02/99 page 11
  • Financial Times 09/03/99 page 24, page 25
  • The Daily Telegraph 09/03/99 page 27
  • The Herald 09/03/99 page 21 (In Brief)