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)