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[March 2001]
European Commission Clears Degussa's Offer for Laporte
On March 12, 2001, the European Commission anti trust authority gave Degussa AG of Dusseldorf competition clearance for Degussa's takeover offer for the British specialty chemicals corporation Laporte plc. As Prof. Dr. Utz-Hellmuth Felcht, Management Board Chairman of Degussa, commented on receiving the news: "We intend to integrate Laporte swiftly, and thus strengthen our position as a leading specialty chemicals corporation worldwide".
The European Commission made approval contingent on certain concessions on Degussa's part. These concern persulphate production at Degussa's Rheinfelden plant and Laporte's works in Zaltbommel/Netherlands (production of reagents for starch modification) and Hythe/United Kingdom (production of hydroxymonomers, e.g. for the paint industry), and thus do not impinge greatly on fine chemicals activities. Although the Commission's requirements slightly exceed what Degussa had been expecting, they will not in any way affect the Group's strategic goal, which is to become a global leader in the fine chemicals field through the acquisition of Laporte.
Degussa is an entirely newly-organized, globally active corporation consistently aligned to high-yield specialty chemistry. It is taking up business with sales of approx. EUR 14 billion, pre-tax earnings of approx. EUR 680 million, and a workforce of some 63,000 employees (1999 pro forma figures, not including precious metal trading). Over the next few years, the new Degussa will successfully participate in shaping the consolidation process in international specialty chemicals from a position of strength.
Hannelore Gantzer
+49-2 11-65041-368
ENDS