Oglebay Norton nears sale/Limestone producer, Carmeuse North America, launches a bid for Oglebay Norton eyeing its chemical grade limestone

摘要

THE END OF a turbulent year appears to be in sight for USA based industrial minerals producer Oglebay Norton Co. after Carmeuse North America (Carmeuse NA) - the largest producer of lime and limestone products in North America - launched a takeover bid. This is following a period of unrest at Oglebay where a major shareholder, Harbinger Capital Partner, publicly demonstrated a lack of confidence with the company saying it was "pursuing acquisitions not in the best interests of the shareholders" (see IM August'07,p.W). Carmeuse NA, a member of the Belgium based Carmeuse organisation, said its rational behind the foray is chemical grade limestone. Phil Johnson, senior vice president of Carmeuse NA explained to IM: "We see chemical grade limestone as a strong and growing market and we currently do not have enough to supply demand."