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Majority Control Sought in Thailand Pulp, Paper Firm.
Nov. 1--Siam Pulp and Paper Plc (SPP) says it wants to take a majority stake or even 100 percent of Phoenix Pulp and Paper Plc in order to have a management control and consolidate its pulp and paper operations and accounts.
"The company will conduct a public tender offer in order to acquire the Phoenix shares at a price of 48 baht each, with the number to be acquired unlimited," said Chumpol NaLamlieng, president of Siam Cement Plc, the parent company of SPP.
Phoenix shares surged yesterday by 6.50 baht (15.4 percent ) on the news, closing at 48.50 in heavy trading worth 103.3 million baht.
The tender offer would be open until mid-January, said Mr Chumpol, adding that SPP was awaiting a response to proposals already made to major shareholders of Phoenix.
SPP said it had already reached an agreement to purchase 29.98 million Phoenix shares (24.98 percent ) from Janpath Investments Holding Ltd, the largest single shareholder. Janpath is an affiliate of the Ballarpur group, an Indian industrial conglomerate.
Other major shareholders of Phoenix are Thai Farmers Bank with 19 percent , and the Phoenix management group with more than 10 percent.
Mr Chumpol said the price of 48 baht was regarded as reasonable and should be attractive to many shareholders.
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