Merck Completes Squeeze-Out of AZ Electronic Materials
Merck announced that all remaining shares of AZ Electronic Materials (AZ) have been transferred to Merck on July 2, 2014. Holding 99.84% of the AZ shares already, Merck had exercised its compulsory acquisition right (“Squeeze-Out”) on June 27, 2014.
On May 2, 2014, Merck had announced the official completion of the AZ-acquisition, creating a leading solutions provider in the premium segment of high-tech materials and functional specialty chemicals. Merck had made a recommended cash offer of 403.5 GBpence per AZ-share, totalling approximately € 1.9 billion to acquire AZ in December 2013.
Merck has already started the integration of AZ, which employs around 1,150 people worldwide, and expects all major steps of the integration to be completed by the end of 2014. During the integration AZ will be operated as a separate business unit of Merck’s Performance Materials division, alongside the three existing business units Liquid Crystals, Pigments & Cosmetics and Advanced Technologies until a decision on the final set up has been taken.
Other news from the department business & finance
