| TOTAL announced today that it owns approximately 96.6% of outstanding shares in Kalon Group PLC following its offer to purchase the 34.1% of shares it did not already own. The offer was launched on the London Stock Exchange on March 31.
More than 90% of the shares previously owned by Kalon's minority shareholders were tendered to the offer. As a result, TOTAL will be able to initiate a compulsary acquisition procedure whereby all remaining shares will be purchased to give it a 100% interest in Kalon.
The buyout, which is part of the merger between TOTAL and PetroFina, will allow the new TOTAL FINA group to coordinate more effectively the operations of Kalon and Sigma (PetroFina's paints division) in a paints unit that will be stronger and more competitive in each of its markets. With sales in excess of FF 10 billion (Euros 1.5 billion), Kalon-Sigma will be co-leader in Europe in the decorative paint market. It will also enjoy strong positions in the marine/anticorrosive paint market and in several industrial paint segments.
Kalon-Sigma will be headed by Pierre-Marie De Leener, who is currently General Manager of Sigma. Mr. De Leener is also to be named General Manager of Kalon at the company's Annual Meeting on May 7. |
