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Picanol buys stake in Tessenderlo Chemie as part of diversification

7:32 AM MDT | July 28, 2013 | Natasha Alperowicz

Picanol (Ypres, Belgium) has acquired the French government’s 27.6% holding in Tessenderlo Chemie (Brussels), according to Picanol’s managing director Luc Tack. Picanol, a weaving machine maker, bought the stake from French government-owned SNPE. Picanol agreed to pay €22/share in cash, equivalent to €192 million ($255 million). The price was 8% above the €20.35/share closing price of Tessenderlo on Thursday.   Picanol says it wants to diversify away from its cyclical textile industry-reliant business and invest in another...

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