Coromandel International completes Sabero acquisition
Indian agrochemical and fertiliser company Coromandel International (Secunderabad) has acquired a 67.75% stake in Indian agrochemical company Sabero Organics (Mumbai). That includes Sabero promoters’ stake of 36.75% and 31% of Sabero’s shares purchased from the open market at a price of Rs 160 ($2.9) per share. Coromandel started the process in May when it signed a definitive agreement with Sabero promoters ( Agrow No 619, p 7). Coromandel is a strong player in the domestic formulations market with a wide dealer network, it says. It expects the acquisition to result in the creation of synergies as Sabero is strong in active ingredients in India and the export market.