UPDATE 1-Merck KGaA clinches $6.5 bln Versum takeover in bet on electrochemicals [Reuters]
VERSUM MATERIALS INC (VSM)
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Source: Reuters
Merck KGaA clinches $6.5 billion Versum takeover in bet on electrochemicals FRANKFURT (Reuters) - Germany’s Merck KGaA sealed a $6.5 billion takeover deal with Versum Materials after overturning a deal it had agreed with rival bidder Entegris. A bet on a recovery in electronic materials markets for semiconductor makers, the transaction will boost the share of profit that diversified Merck derives from high-tech chemicals to 27 percent from 19 percent previously. Merck, also maker of pharmaceuticals and biotech production gear, this week won the backing of Versum’s board for its $53-per-share offer, lifted from $48 previously, having been spurned for weeks. “The business combination is expected to significantly strengthen Merck’s Performance Materials business sector, creating a leading electronic materials player focused on the semiconductor and display industries,” it said in a statement. Merck’s swoop comes amid depressed stock prices in the volatile semiconductor industry after dem
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