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Merck KGaA to buy AZ Electronic Materials for $2.6 billion

7:30 AM MST | December 5, 2013 | Deepti Ramesh

Merck KGaA has agreed to acquire AZ Electronic Materials (AZ; Luxembourg) for about £1.6 billion ($2.6 billion). Merck is offering 403.5 pence/share of AZ in cash, valuing AZ at about £1.6 billion. The offer represents a premium of about 41% over the 3-month volume-weighted average share price of AZ, Merck says. AZ, which provides high-purity specialty chemical materials for the electronics industry, recorded sales of $794 million and operating profit of $262 million in 2012. With the acquisition, Merck aims to further expand its materials and...

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