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Tata Chemicals to buy US soda ash maker for $1 bn (Live mint.com 1st Feb 2008)
The acquisition will make Tata Chemicals the world’s second biggest soda ash makerwith 14% of capacity
Tata Chemicals Ltd agreed to buy US-based General Chemical Industrial Products Inc. for $1 billion (Rs3,940 crore), extending India’s second largest business group’s record overseas acquisitions.
Tata Chemicals will acquire the maker of soda ash from Harbinger Capital Partners, the company said in a statement on Thursday.
Tata group chairperson Ratan Tata has acquired UK-based tea distributor Tetley and that country’s biggest steel maker, Corus Group Plc., as he uses his dominance of industries from autos to software to fund an overseas push. Tata is also the front-runner to acquire Ford Motor Co.’s luxury Jaguar and Land Rover brands.
“They may seem to be growing fast but then India is a growing story and if you have the financial muscle, why not?” Rohit Nagraj, an analyst with Angel Broking Ltd, said in Mumbai. “As a conglomerate they have been able to integrate the acquisitions well,” Nagraj said.
Shares of Tata Chemicals fell by 7.27% on Thursday to close trading at Rs305 on the Bombay Stock Exchange.
The acquisition is subject to shareholder and regulatory approvals, the statement from the company said. More
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