Akzo Nobel makes bid for Sico Inc.Akzo Nobel Akzo Nobel is a multinational company, active in the fields of healthcare products, coatings and chemicals. Headquartered in Amsterdam, the Netherlands, the company has activities in more than 80 countries, and employs approximately 62,000 people. , Arnhem, the Netherlands, has announced a bid to acquire Sico Inc., Canada's leading coatings company. Akzo Nobel has offered $20.00 (CAD) per common share for control of Sico. The two largest Sico shareholders, who own approximately 34% of the company's common shares, have given their full support for the deal and have signed a binding commitment to tender their shares to Akzo Nobel under the terms of the offer. The Sico Board of Directors has also unanimously recommended the offer to its shareholders through a circular that was mailed to all Sico shareholders at the end of April. Sico, headquartered in Quebec City, develops, manufactures, and markets architectural paints including brands such as Sico[R], Para para (par´ah) a woman who has produced one or more viable offspring, regardless of whether the child or children were living at birth. [R], Betonel[R], as well as related products including Mulco[R] caulking caulk·ing n. A usually impermeable substance used for caulking. Also called caulking compound. Noun 1. caulking - a waterproof filler and sealant that is used in building and repair to make watertight caulk compounds. The company, which also produces and supplies industrial coatings An industrial coating is a paint or coating defined by its protective, rather than its aesthetic properties, although it can provide both. The most common use of industrial coatings is for corrosion control of steel or concrete. , employs about 1,000 people in Canada, U.S., and Mexico. Sico has been active in the coatings market for more than 65 years. "This proposed deal underlines our strong commitment to the company's growth strategy for coatings, which involves accelerating our acquisition activity and investing in major expansion opportunities to enhance our portfolio and strengthen our global presence," said Hans Wijers Gerardus Johannes (Hans) Wijers (born November 11, 1951) is the current CEO of Akzo Nobel. From 1994 until 1998 he was a minister of Economic Affairs of the Netherlands. Wijers studied Economy at the Rijksuniversiteit Groningen, where he graduated in 1976. , Akzo Nobel's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "The proposed acquisition will provide us with a leading market position in Canada." The offer from Akzo Nobel is subject to final shareholder approval and customary closing conditions. |
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