Ind. Chemicals in talks
PA Auckland There are believed to be at least three suitors for Industrial Chemicals (NZ) Ltd, which has issued a “don't- sell” warning to shareholders, because “discussions of a preliminary nature were taking place,” its directors said. It is believed that one of the interested parties is Revertex Industries (NZ), Ltd, which has previously tried to acquire Industrial Chemicals, whose industrial products fit in well with those of Revertex, while its household, and cosmetics range would bring Revertex closer to the consumer market.
Last year, the household and cosmetic products of Industrial Chemicals represented 38 per cent of sales. Frequently mentioned as a contender was Healing Industries, Ltd, which because of its relative smallness, was thought to want to protect itself from a take-over by expansion. However, a Healing executive has denied this.
Also mentioned was Henry Berry Ltd, which distributes some of Industrial Chemicals’ Products. The latter’s chairman (Mr A. Hughes) is on the Henry Berry' board, and the Henry Berry chairman (Mr A. Brown) ia a former manag-ing-director (his son succeeded him) and chairman of Industrial Chemicals. There has been strong interest in the shares in the last few weeks, with several buyers entering the market. The price rose from 150 c in early April to 180 c a share this week.
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Press, 10 May 1979, Page 18
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218Ind. Chemicals in talks Press, 10 May 1979, Page 18
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