Merck KGaA to buy AZ Electronic Materials for $2.6 billion

FRANKFURT Thu Dec 5, 2013 2:22am EST

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FRANKFURT Dec 5 (Reuters) - Germany's Merck, the world's largest maker of liquid crystals for flat panel displays, said it agreed to buy Britain's AZ Electronic Materials for about 1.6 billion pounds ($2.61 billion) in cash, to diversify its offering of chemicals for the electronics industry.

Merck is offering pence 403.5 pence per AZ share, a premium of around 41 percent over the 3-month volume-weighted average share price.

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