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Permira Funds and the VCP Group’s public purchase offer for BorsodChem
First Chemical Holding Vagyonkezelő Kft. (FCH), the bidder appointed by members of the lead investor Kikkolux Group (controlled by Permira Funds), and its partner Vienna Capital Partners (VCP) Group, has successfully completed its public purchase offer for all shares of BorsodChem Nyrt. (BorsodChem).

Permira Funds’ PR company reported to MTI on the transaction on Monday.

With the successful completion of the purchase offer, Kikkolux Group and VCP Group have acquired a joint influence of 92.9% over BorsodChem. This control level already reflects the decrease of the registered capital of the company which was approved by the extraordinary general meeting of BorsodChem on October 13, 2006.
Permira and VCP are pleased with the high acceptance of the purchase offer. "This is a clear confirmation that the acquisition process is off to a good start. Based on the number of shares that could be purchased by way of the purchase offer we have obtained nearly 97% of such shares”. said Thomas Jetter, Partner and Head of Chemicals Sector at Permira; "The basis for a long term investment into BorsodChem has been established. We look forward to working together with Management and fully support the plan of the development of BorsodChem from a successful regional player into a truly European company with a considerable investment programme".
“We are happy that the long term development of BorsodChem, which started under VCP’s control five years ago will be secured by a stable shareholder structure”, added Heinrich Pecina, Senior Partner of VCP.
FCH has acquired 66.43% of the issued share capital of BorsodChem following the expiration of the acceptance period of the offer on December 15. During the 37-day acceptance period approximately 54,825,000 shares were tendered by BorsodChem shareholders. The total purchase price for the shares tendered in the offer is approximately HUF 164,475,000,000 and payment to the selling shareholders will be made latest by December 22.
Permira is a leading international Private Equity specialist. As an independent business, Permira is owned and controlled by its partners. The firm's team of around 100 professionals, based in Frankfurt, London, Madrid, Milan, New York, Paris, Stockholm and Tokyo, advises the Permira Funds with a total committed capital of more than EUR 21 billion. Since 1985, the Permira Funds have completed over 280 private equity transactions. During the last year, the Permira Funds have completed seven transactions with a combined transaction value of over EUR 30 billion.

Source: MTI (Hungarian National News Agency); 200611219
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