(Adds CEO comment on acquisitions)
FRANKFURT (Thomson Financial) - Altana AG confirmed its full-year earnings
and sales guidance and said it continues be on the lookout for takeover targets
worth up to 2 billion euros.
"We continue to expect a positive development of global demand for our
specialty products, which is robust but will not be as dynamic as we expected in
2007," Chief Executive Matthias Wolfgruber told shareholders at the annual
general meeting on Monday.
He also reiterated that the German specialty chemicals company is pursuing
takeovers to shore up growth and that such an acquisition may lift the number of
Altana's divisions to five from currently four.
A deal could be worth between 200 million euros and 2 billion euros, and the
company is looking within "defined target markets," the CEO said, confirming
earlier statements.
Altana last month said it expects 2008 sales to reach 1.42 billion euros to
1.47 billion euros, up from 1.38 billion euros in 2007.
The target was lowered from a previous a range of 1.44 billion euros to 1.49
billion euros as Altana cited "cloudier general economic conditions, especially
in the United States" and the weakness of the dollar.
EBITDA is set to increase to between 260 million euros and 290 million
euros, from 248 million euros in 2007, Altana also said at the time.
German business publication manager magazine in early March reported that
Altana plans to buy its U.S. peer Rockwood Holdings Inc. for 4 billion euros,
citing people familiar with the negotiations, triggering a slump in Altana's
shares.
Wolfgruber repeated an earlier rebuff of the report, saying there are not
and have not been any talks with Rockwood.
ludwig.burger@thomsonreuters.com
lb/ajb/lb/vlb
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