Honam To Buy Titan Chemicals In $1.27B Deal

Law360, New York (July 16, 2010, 3:00 PM EDT) -- Honam Petrochemical Corp. agreed Friday to buy Malaysian petrochemical company Titan Chemicals Corp. BHD for about 4.1 billion ringgit ($1.27 billion) in a bid to expand its reach beyond South Korea.

Honam signed conditional sale and purchase agreements with Union Harvard Investments SRL, CGDC Investments Corp., Permodalan Nasional Berhad and Amanshraya Trustees Berhad to buy about 72.32 percent of Titan's capital at 2.35 ringgit per share.

Under Malaysian merger law, that triggers an unconditional takeover offer for the merger shares once the acquisition itself becomes unconditional....
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