Honam Petrochemical (Seoul) has agreed to acquire a majority stake in Titan Chemicals (Kuala Lumpur) in an all-cash deal valued at about won1.5 trillion ($1.26 billion). Honam plans later to become sole owner of Titan by purchasing all of the company's remaining shares. Titan confirms that its two biggest shareholders have executed conditional sale and purchase agreements with Honam, according to which Honam will acquire about 72.32% of the issued shares of Titan for RM2.35/share (73 cts/share), a 27% premium over Titan's closing price yesterday of RM1.85/share. Honam will buy the Titan stakes from Chao Group (Taipei) and Permodalan Nasional (Kuala Lumpur).
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