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   Strategies & Market TrendsSpeculating in Takeover Targets


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To: richardred who wrote (2274)7/13/2010 11:26:40 AM
From: Paul Senior
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I'll add MRX to my watch list.

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To: richardred who wrote (2117)7/14/2010 12:54:40 PM
From: richardred
   of 6287
 
Sold HSY today for 51.33. I feel upside is limited from here. The trust balked at 60 many years ago. If there is a possible offer. The sixty area IMO would most likely be the offer.

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From: richardred7/17/2010 1:53:13 PM
   of 6287
 
BMS

Message 24364591

Flexible packaging market consolidates, says AMI
By David Eldridge
Posted 12 July 2010 11:56 am GMT
AMI estimates that the converted flexible packaging industry in Europe consumed nearly 3.6 million tonnes of substrates in 2009 and the business was worth approximately €20bn.

The UK research group said: “This valuation may surprise some observers of the industry as substantially lower figures have more typically been quoted in the past. However, AMI believes this to be an under-estimate and the value of the industry is significantly higher.”

In a new analysis of the 50 largest companies in the sector, it said the industry involves a wide range of companies and business models due to the complexity of materials and combinations that can be used and the variety of converting processes that can be applied.

Although there has traditionally been fragmentation in the industry, a number of major regional and global groups have emerged in Europe to meet the needs of the global brand owners.

The reasons behind restructuring and strategic change among the market leaders are rising costs, growing environmental pressures and lower economic growth.

AMI said there is an increasing focus on the emerging markets of Eastern Europe and Russia along with moves to shift production to higher value products within Western operations.

The major corporate change has been Amcor’s acquisition of Alcan Packaging’s flexible packaging businesses. Alcan and Amcor were already the two largest players in Europe based on sales and the combination of the two has created a global business with sales of over $4bn employing 14,000, said AMI, which analyses the combined business in its report.

Of the 50 companies covered, AMI calculates they accounted for just over 40% of the converted flexible packaging market on a volume basis and 50% by value.
prw.com

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To: richardred who wrote (2277)7/17/2010 1:56:40 PM
From: richardred
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Rio Tinto sells last pieces of Alcan Packaging to Amcor and Sun Capital
By Dan Hockensmith, Plastics News
Posted 7 July 2010 7:49 am GMT
International mining conglomerate Rio Tinto of London has sold off the last of its Alcan Packaging business.

In a July 5 news release, Rio Tinto said that Australia’s Amcor bought Alcan’s medical flexible business for $66m and that Alcan’s beauty packaging division was acquired by Sun European Partners – a London-based subsidiary of US-based Sun Capital Partners – for an undisclosed sum.

Alcan’s beauty division employs about 8,000 and operates 26 plants in 12 countries. It had $932m in sales in 2008.

The medical business deal, which consists of four North American plants with $115m in sales, completes Amcor’s acquisition of the Alcan Packaging pharmaceuticals, tobacco, Food Europe and Food Asia divisions.

“Amcor has been a very aggressive consolidator in the packaging industry. For several years they struggled because of a lack of focus,” Ghansham Panjabi, an analyst at Robert W. Baird & Co. in Milwaukee, said in a July 6 telephone interview. “They really seem to be making a calculated bet on plastics packaging, I’m not sure how long it will take for the investment to bring returns, but it’s creating a situation where [in the packaging supply chain, companies] will have to go to Amcor — they’re that big now.”

Packaging giant Bemis in March acquired Alcan’s Food Americas division for $1.2bn.

“The problem with [plastics packaging] is that it’s fragmented globally,” Panjabi said. As a result, US and Western European packaging firms have missed out on some sales opportunities in Asia and in developing markets, he said. “The US industry has struggled because the pricing pendulum is toward the customer level, but now, due to industry consolidation, it’s swinging back the other way,” Panjabi said.

Since 2008, Rio Tinto has received more than $10bn from the sale of assets. The money has been used to reduce the debt involved in the 2007 purchase of Alcan for $38bn, in which Rio Tinto beat out Alcoa’s $33bn bid. Rio Tinto sold the packaging assets to focus on its core mining business.
prw.com

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From: richardred7/17/2010 2:05:55 PM
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Honam to Acquire Titan Chemicals for $1.25 Billion
July 16, 2010, 4:02 AM EDT
More From Businessweek

July 16 (Bloomberg) -- Honam Petrochemical Corp. will acquire Malaysia’s Titan Chemicals Corp. in an all-cash deal valued at $1.25 billion in South Korea’s biggest overseas acquisition this year.

South Korea’s second-largest ethylene maker will buy all of Titan’s stock for 2.35 ringgit (73 cents) a share, the Malaysian company said in a statement today. That’s a 27 percent premium to Titan’s closing price of 1.85 ringgit yesterday. Honam will pay 1.5 trillion won ($1.25 billion) for the purchase, the Seoul-based company said in an e-mailed statement.

South Korean chemical companies are increasing investment overseas as a global economic recovery boosts demand for ethylene, a raw material used to make plastics and synthetic fibers. Honam said it expects the Titan acquisition to bolster its presence in Southeast Asia, China, the Middle East and Central Asia, and raise its revenue to 12 trillion won this year.

“The acquisition will help Honam become Asia’s largest ethylene maker,” said Yoo Young Kuk, an analyst at KTB Securities Co. “The increased ethylene output capacity will boost Honam’s medium to long-term growth forecast as the global economic recovery will increase chemical demand.”

The South Korean ethylene producer has enough cash reserves to finance the Titan acquisition, though it may raise some funds in the market, Roger Lee, a company spokesman, said by telephone, without specifying whether the money would be raised through debt or equity.

Honam has signed an agreement to acquire a 37.3 percent stake in Titan from Chao Group and a 35.3 percent interest from Permodalan National Bhd., Lee said. Honam is required to make an unconditional takeover offer to the remaining holders at a cash consideration of 2.35 ringgit a share, Titan said.

Overseas Sales

Shares of Honam advanced 8.8 percent to close at 161,500 won, the highest since Oct. 18, 2007. The benchmark Kospi index declined 0.7 percent. Trading in Titan was halted in Kuala Lumpur today.

Overseas sales account for 55 percent of Honam’s total revenue, Lee said. The company plans to increase the ratio, he said, without giving a target.

Honam’s annual capacity to produce ethylene will rise to 2.47 million metric tons after the acquisition, from 1.75 million tons currently, the company said.

Titan is Malaysia’s biggest producer of olefins and polyolefins, used in making plastic parts in appliances and automobiles, and reported sales of $1.64 billion last year.

HSBC Holdings Plc is the international financial adviser for Honam and RHB Investment Bank Bhd. is the company’s Malaysian adviser, the chemical producer said.

South Korea’s Hanwha Chemical Corp. last year formed a venture with Saudi International Petrochemical Co. to build a 4 billion-riyal ($1.1 billion) plant in the Middle East’s biggest economy.

--Editors: Ryan Woo, Amit Prakash.

To contact the reporter on this story: Shinhye Kang in Seoul at skang24@bloomberg.net Seonjin Cha in Seoul at scha2@bloomberg.net

To contact the editor responsible for this story: Amit Prakash at aprakash1@bloomberg.net.
businessweek.com

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To: richardred who wrote (2277)7/17/2010 2:10:44 PM
From: richardred
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Europe's Top 10 Converted Flexible Packaging Companies
Rank Company Headquarters
1 Amcor Flexibles --Australia
2 Mondi Group -- UK
3 Constantia Packaging --Austria
4 Clondalkin Group --Netherlands
5 Bischof + Klein -- Germany
6 Nordenia -- Germany
7 Wihuri Oy Wipak -- Finland
8 Sealed Air -- USA
9 Bemis Europe Flexible Packaging-- Belgium
10 Gascogne Laminates-- France
plasteurope.com

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To: richardred who wrote (2278)7/17/2010 2:23:44 PM
From: richardred
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Amcor hails strategic significance of Ball Plastics takeover

By Rory Harrington, 16-Jun-2010

Related topics: Packaging

Amcor said its takeover of Ball Plastics Packaging Americas for US$280m is an important strategic move that will allow it to diversify packaging formats, as well as expand its manufacturing capabilities and market share.

The Australia-based company announced the agreement to purchase the Ball Corporation subsidiary - an operation with five plants in North America and annual sales of $600m – would also fuel its expansion in the United States, Canada and Latin America.

Innovation and capability boost

Amcor added the acquisition would boost its ability to offer a “broader range of innovation and technology-based solutions to customers”. Earlier this year, Peter Brues, president of Amcor Flexibles Europe & Americas, told FoodProductionDaily.com that its takeover of Alcan would give the company the opportunity to out-innovate its competition and the latest move appears to be in step with this strategy.

The deal brings with it expanded capabilities, including developments in multi-layer, retort, and barrier technologies ,as well as the assets and know-how to manufacture HDPE and PP extrusion blowmoulded containers, said an Amcor statement.

The buyout will also enlarge its Diversified Products business, which targets the food, pharmaceutical, distilled spirits and personal care markets. Growth is anticipated in wine bottles, retort packaging for food, and high density polyethylene (HDPE) and polypropylene (PP) containers for various market segments.
ap-foodtechnology.com

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To: richardred who wrote (2274)7/17/2010 2:46:41 PM
From: richardred
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Botox-maker Allergan is takeover target?
July 2nd, 2010, 11:35 am · Post a Comment · posted by Colin Stewart

The possible purchase of Allergan is a top topic on this blog’s Facebook page, where all are welcome to visit for news and gossip before it reaches the blog.

Irvine-based Allergan, the manufacturer of wrinkle-fighters Botox and Juvederm, breast implants, eyelash-enhancer Latisse and much more, is a profitable mid-sized company that’s often rumored to be a takeover target.

The latest possible buyer is French pharmaceutical company Sanofi-Aventis SA, which Reuters said is looking to buy an American company — maybe Allergan, but perhaps Biogen, Genzyme, or any of four other companies, according to the Wall Street Journal.

Sanofi-Aventis makes a broad range of drugs, including Plavix, but has little or no presence in the cosmetic-medical market.
inyourface.ocregister.com

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To: richardred who wrote (2274)7/17/2010 2:47:23 PM
From: richardred
   of 6287
 
MRX-Oldie
Would-be acquirer Medicis finds itself target of $2.2B Mentor offer.(Medicis Pharmaceutical)(Merry X-Ray acquires SourceOne Healthcare Technologies)(BioVeris in licensing and research agreement with Jewish General Hospital of Montreal)
Medical Device Week
| November 22, 2005 | JOHNSON, HOLLAND | COPYRIGHT 2005 AHC Media LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright
Ads by Google

Would-be acquirer Medicis finds itself target of $2.2B Mentor offer

By HOLLAND JOHNSON

Medical Device Daily Associate Managing Editor

Medicis Pharmaceutical (Scottsdale, Arizona), currently actively seeking to buy breast implant maker Inamed (Santa Barbara, California), found itself over the weekend the target of an acquisition offer by Mentor (Santa Barbara, California).

Mentor's offer to acquire Medicis came less than a week after Medicis was outbid by Allergan (Irvine, California), both companies seeking to acquire Inamed. That competition perhaps emboldened Mentor to make its proposal to acquire Medicis.

In the latest chapter of what is turning into a soap opera whose plot revolves around a scramble to see which company will dominate the lucrative medical aesthetics product market, Mentor proposed a stock-for-stock merger in which Medicis stockholders would receive 0.62 shares of Mentor common stock for each Medicis share.

Based on closing prices on Nov. 18.

accessmylibrary.com

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To: richardred who wrote (2283)7/17/2010 3:00:04 PM
From: richardred
   of 6287
 
OLDIE

Johnson & Johnson Completes Acquisition of Mentor Corporation

New Brunswick, NJ (January 23, 2009) -- Johnson & Johnson (NYSE: JNJ) today announced the completion of its previously announced acquisition of Mentor Corporation (NYSE: MNT), a leading supplier of medical products for the global aesthetic market. Mentor is expected to operate as a stand-alone business unit reporting through ETHICON, Inc., a Johnson & Johnson company and a leading provider of suture, mesh and other products for a wide range of surgical procedures.

According to Gary Pruden, Company Group Chairman, Johnson & Johnson, with responsibility for the ETHICON Franchise, “Mentor will become the cornerstone of a broader Johnson & Johnson strategy for aesthetic medicine -- serving both consumers and medical professionals. We will use our combined strengths and experience to build a market-leading aesthetic business that capitalizes on Johnson & Johnson’s broad-based commercial capabilities, worldwide surgical care footprint, and clinical scientific capabilities.”

About Johnson & Johnson

Caring for the world, one person at a time…inspires and unites the people of Johnson & Johnson. We embrace research and science - bringing innovative ideas, products and services to advance the health and well-being of people. Our 119,000 employees at more than 250 Johnson & Johnson companies work with partners in health care to touch the lives of over a billion people every day, throughout the world.
jnj.com

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