Coromandel completes acquisition of Sabero
Dec. 21, 2011
Coromandel International Ltd, a leading fertilisers and speciality nutrient products manufacturer, has completed the process of acquisition of ‘Sabero Organics' the Mumbai-based, agrochemical manufacturer.
In May, Coromandel International, part of the Murugappa Group, had signed a share purchase agreement with the promoters of Sabero to acquire their shareholding in Sabero. Consequently, it also made and completed an open offer to the public shareholders of Sabero to acquire up to 31 per cent of the share capital of Sabero at Rs 160 per share.
Coromandel also acquired 36.75 per cent of shares held by the erstwhile promoters, taking its stake to 67.75 per cent. Now Sabero becomes a subsidiary of Coromandel.
Coromandel is a strong player in domestic pesticides formulations market with a wide dealer network, strong brand and farmer preference. Sabero is a strong player in technical pesticides market, both in India and abroad.
With the synergies of coming together, Coromandel and Sabero will be a strong force in the pesticides market both in domestic and export markets and is expected to grow stronger, a press release said.
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