Napier International Technologies Inc. (T.NIR) Message Board

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Gold/Mining/Energy : Napier International Technologies Inc. (T.NIR)

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To: Tim Cruise who wrote (2223)	4/15/1999 7:46:00 AM
From: Ginco	Read Replies (2) of 2444

""allow it to focus on more profitable specialty chemicals"" A BUYOUT ONE DAY?? Anything is possible. LONDON (CNNfn) - U.K. chemical giant ICI confirmed the sale Thursday of its industrial chemicals business to Huntsman in a $2.8 billion deal which makes the Utah-based company the largest private chemicals company in the U.S. ICI stock surged Wednesday on speculation of a sale which will distance the company from the low-margin bulk chemicals business and allow it to focus on more profitable specialty chemicals. ICI will receive an initial payment of $2.1 billion for the polyurethane, titanium oxide and some petrochemicals businesses and use the proceeds to pay down group debt. Huntsman is forming a new vehicle, Huntsman ICI, to manage the acquisitions. ICI will retain a 300 million pound ($480 million) stake in the venture for at least three years. ICI (ICI) shares slipped back Thursday after its previous gains, shedding 9 pence to reach 626.5 pence.

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