Shareholders of Nuplex, Sydney, Australia, voted to approve the company’s combination with Allnex, Brussels, Belgium, during a meeting of shareholders held in Auckland, New Zealand.
On February 15, Allnex, a global producer of coating resins and additives, backed by its shareholder Advent International, entered into exclusive talks with Nuplex, a global manufacturer of resins listed in New Zealand and Australia, to explore a business combination of the companies. Allnex and Nuplex signed a scheme of arrangement in April, through which ownership of Nuplex would be transferred to Allnex.
Miguel Mantas, Allnex CEO, commented: “We are convinced of the strong strategic logic of the combination of Allnex and Nuplex. Together, we would become one of the leading global coating resins producers. Customers would benefit from access to a wider global manufacturing network, broader and more innovative product offerings and a more extensive state-of-the-art technology base.”
Emery Severin, CEO of Nuplex said: “I am excited about the opportunities a combined company would bring. The commitment of both organizations to safety, customers, R&D and production excellence provides common ground for building a successful future for our customers, employees and suppliers.”
Regulatory approvals have already been obtained from regulators in Australia, China, New Zealand, Russia and the U.S. It is expected that European Commission clearance will be obtained in the coming weeks, as well as approval by the New Zealand High Court.
The scheme completion could be achieved in mid to late August 2016.