Henkel to take over Dial
15 December 2003
DUESSELDORF – German detergents and chemicals concern Henkel announced Monday the takeover of US soap firm Dial for some 2.9 billion dollars, subject to regulators’ approval.
The Dusseldorf-based company said under the deal reached with Dial, the company will pay USD 28.75 in cash per Dial share.
Henkel chairman Ulrich Lehner said the transaction was in important step in the company’s drive to be more international in its business operations.
Last August, Henkel said it was out to start making acquisitions in North America and Asia.
Sources at Henkel would make the purchase through its own funds and by borrowing.
At the same time, Henkel was expected to sell of a significant portion of its minority holdings in The Clorox Company or Ecolab Inc., they said.
Scottsdale, Arizona-based Dial reported revenues of more than USD 1.28 billion in 2002, with operating income of USD 220.3 million.
Subject: German news