Tata Chem ups bid for Egypt firm
The Telegraph — June 7, 2005

Tata Chemicals has raised its bid price for Egyptian Fertilizers Company, to $352 a share, (over Rs 15,000). The price is $2 more than what rival Egypt Kuwait Holding had offered.

Tata Chemicals has valued Egyptian Fertilizers Company at $519 million (Rs 2,335.50 crore). It had earlier offered $305 a share for the Egyptian company, while Egypt Kuwait Holding had offered $350.

The maker of caustic soda, soda ash, urea and potash fertilisers has managed to stay in the race for the Egyptian company by raising the offer.

Homesfield International, a Tata Chemicals subsidiary, will now offer $352 a share for all of the Egyptian company's 1.475 million shares, the stock exchange said.

Tata Chem wants at least an 88.25 per cent stake in the company, reports added.