wsj_0332.xml
WSJ891101-0032
WSJ891101-0032
=
891101
=
891101
891101-0032
.
891101-0032
.
International
Brief
--
Coates
Brothers
PLC
:
@
Orkem
Bids
$
7.43
a
Share
@
For
Stake
It
Does
n't
Own
International
Brief
--
Coates
Brothers
PLC
:
@
Orkem
Bids
$
7.43
a
Share
@
For
Stake
It
Does
n't
Own
11/01/89
11/01/89
11/01/89
WALL
STREET
JOURNAL
(
J
)
WALL
STREET
JOURNAL
(
J
)
F.ORK
EUROP
U.CTB
F.ORK
EUROP
U.CTB
TENDER
OFFERS
,
MERGERS
,
ACQUISITIONS
(
TNM
)
CHEMICALS
,
PLASTICS
(
CHM
)
TENDER
OFFERS
,
MERGERS
,
ACQUISITIONS
(
TNM
)
CHEMICALS
,
PLASTICS
(
CHM
)
Orkem
S.A.
,
a
French
state-controlled
chemical
manufacturer
,
is
making
a
friendly
bid
of
470
pence
-LRB-
$
7.43
-RRB-
a
share
for
the
59.2
%
of
U.K.
specialty
chemical
group
Coates
Brothers
PLC
which
it
does
n't
already
own
,
the
two
sides
said
.
The
offer
,
which
values
the
whole
of
Coates
at
#
301
million
,
has
already
been
accepted
by
Coates
executives
and
other
shareholders
owning
12.4
%
of
the
company
.
The
acceptances
give
Orkem
a
controlling
53.2
%
stake
in
the
company
.
Orkem
and
Coates
said
last
Wednesday
that
the
two
were
considering
a
merger
,
through
Orkem
's
British
subsidiary
,
Orkem
Coatings
U.K.
Ltd
.
Orkem
,
France
's
third-largest
chemical
group
,
said
it
would
fund
the
acquisition
through
internal
resources
.
The
takeover
would
be
followed
by
a
restructuring
of
Orkem
's
U.K.
unit
,
including
the
addition
of
related
Orkem
businesses
and
possibly
further
acquisitions
.
Orkem
said
it
eventually
would
seek
to
make
a
public
share
offering
in
its
U.K.
business
.