Mar 5 2008
Cookson Group plc, a leading materials science company, announces that it today obtained the necessary anti-trust clearance from the European Commission in connection with the proposed acquisition (the “Acquisition”) of Foseco plc. The European Commission clearance is subject to a remedy package that requires the disposal of Foseco’s Carbon Bonded Ceramics business (“CBC”) and of Cookson’s Hi- Tech Filters business (“Hi-Tech”). Hi-Tech is a supplier of ceramic foam filters. These disposals will be completed after the Acquisition becomes effective.
The intention to dispose of CBC was stated at the time of the announcement of the Acquisition on 11 October 2007. On 11 January 2008, Cookson announced that agreement had been reached to sell CBC to RHI AG, subject amongst other things to competition authority clearance and completion of the Acquisition.
For the year ended 31 December 2006, CBC had revenue of approximately £20 million and Hi-Tech approximately £9 million. As at 31 December 2006, the businesses had combined net assets of approximately £13 million.
The Acquisition is also subject to anti-trust clearance from the United States Department of Justice which is expected imminently. Cookson will make another announcement once such clearance is received.
As noted in Cookson’s Circular to its shareholders on 19 December 2007 and Foseco’s Circular to its shareholders on 22 February 2008, the current timetable has shareholder approval for the Acquisition being sought at Foseco’s EGM on 10 March and Cookson’s EGM on 11 March. The Acquisition is expected to become effective on 4 April 2008.