$301.4m for Futuris' Incitec shares

29 Jan, 2003 10:00 PM
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FUTURIS Corporation ‹ the parent company of Elders ‹ last Friday accepted an offer from Orica for its outstanding Incitec shares, allowing Orica to merge Incitec's fertiliser business with Pivot.

Supporting the planned merger of Incitec's fertiliser business, Futuris will discontinue its current litigation against Incitec.

Orica will own 70pc of the new fertiliser giant as a result of the merger.

Orica agreed to pay Futuris $10.75 per Incitec share, as well as allow Incitec to pay a 25c/share dividend fully franked.

The Futuris share price closed 16c up on Friday at $1.46.

Futuris bought the 20.8pc stake in Incitec in 1999 for $167.7m and sold it last week for $301.4 million.

Orica managing director and chief executive officer Malcolm Broomhead said the offer would create a "clean and simple". structure in industrial chemicals.

"This has been an issue for some years and will enable these businesses to be more effectively and strategically managed," he said.

Mr Broomhead was said to be very pleased with the outcome.

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