Sunday, Sep 10, 2006
DUBAI (Zawya Dow Jones)--Kuwait's Alghanim Industries and France's Saint-Gobain Isover have acquired Izocam A.S., a Turkish insulation products firm.
The Kuwaiti family-owned firm said in a statement Sunday that the two firms will on a 50/50 basis acquire 61.2% of Izocam's shares currently held by the Ko Group.
The firms will then launch a mandatory offer on the Istanbul Stock Exchange for the remaining shares of Izocam as required under Turkish law.
No financial details were immediately available.
The purchase remains subject to the approval of the Turkish Competition Authority.
-By Simeon Kerr, Dow Jones Newswires, +971 4 228 5225, simeon.kerr@dowjones.com
(END) Dow Jones Newswires
09-10-06 0711ET
Copyright Zawya Dow Jones Newswires 2006
