Thai Aromatics board backs merger with Rayong

The board of directors of Thai Aromatics (ATC), Thailand's largest aromatic petrochemical manufacturer, has approved a plan to merge with small refiner Rayong Refinery. The merged firm will have paid-up capital of 29.6 bln baht (US$993.3 mln). The combined firm would issue new shares to shareholders of both companies. Aromatics shareholders would get 1.524428135 shares in the new firm for each ATC share they own. The ratio for Rayong shareholders would be 0.516755300.
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