(Corrects headline and paragraphs 1 and 5 to 57.1 pct from 59.3
pct after Semperit changes figure)
VIENNA Oct 9 Austrian rubber and plastic
products maker Semperit Holding AG has increased its
stake in Malaysian medical glove maker Latexx Partners Bhd
to 57.1 percent by buying 12 percent on the open
market on Tuesday, it said.
Semperit this week launched a $197.4 million cash offer for
Latexx, securing an initial 47 percent stake from core
The acquisition would give Semperit access to Malaysia's
glove industry, a world leader due to its access to rubber, and
help it move towards its planned annual sales volume of 23
billion gloves by 2015, the company said.
The global rubber glove industry, worth about $4.9 billion,
has consolidated from 65 industry players controlling 45 percent
of world market share in 2000 to 40 players commanding some 63
percent in 2012, according to the Malaysian Rubber Export
Semperit has now secured a 57.1 percent stake in Latexx on a
diluted basis, a statement said, noting the takeover was still
subject to regulatory approvals.
"Semperit is confident that it will be able to acquire the
majority of Latexx Partners once the mentioned conditions are
fulfilled," it added.
Semperit offered 2.30 ringgit per share and 1.77 ringgit per
warrant, valuing Latexx, the world's sixth-largest medical
gloves maker, at 512 million ringgit based on its current shares
The offer price represented a 28.5 percent premium to
Latexx's closing price on Friday, and was 37.7 percent above the
three-month volume weighted average price of Latexx's shares,
Semperit said. Latexx closed up 25.7 percent at 2.250 ringgit.
(Reporting by Michael Shields; additional reporting by
Yantoultra Ngui in Kuala Lumpur; Editing by Louise Heavens)