Honam Petrochemicals acquires balance shares in Titan Chemicals

29-Dec-10

South Korea’s Honam Petrochemical Corp has received full acceptance to take Titan Chemicals Corp Bhd private, by acquiring the remaining 27.25% shares it does not own at RM2.35 apiece. Titan shares, for which acceptance had been received by Honam after the posting date and up to 5pm closing date on Dec 24, 2010, were listed as 27.25%, representing 470.89 million shares, according to Titan in a filing. On Nov 1, 2010, Titan received a notice of unconditional takeover offer from Honam to acquire all remaining shares (excluding treasury shares) following Honam’s sale and purchase agreement in July to buy a 72.32% stake, or 1.25 billion shares, in Titan Chemicals for RM2.94 billion. Titan is Malaysia’s largest integrated olefin-polyolefin producer and one of the largest polyolefin producers in the region, operating a total of 10 integrated process facilities in Pasir Gudang and Tanjung Langsat in Johor, and also has plants in Indonesia.