Coromandel International to acquire Sabero Organics
Indian agrochemical and fertiliser company Coromandel International (Secunderabad) is to acquire up to a 73.2% stake in Indian agrochemical company, Sabero Organics (Mumbai). Coromandel signed a definitive agreement to acquire Sabero promoters’ stake of 42.2% at a price of Rs 160 ($3.52) and a non-compete fee of Rs 38.47 ($0.85) per share. The company also intends to purchase up to 31% of Sabero’s shares from the open market. It expects the cost of the acquisition to be in the range of Rs 4,000-4,500 million ($88-99 million). The transaction will be funded through internal accruals.