Punjab Chemicals to acquire Dutch firm

Chandigarh-based Punjab Chemicals and Crop Protection will acquire Netherlands-based firm Pegevo Bcheer BV for Rs 221.41 crore.

Chandigarh-based Punjab Chemicals and Crop Protection on Monday said it will acquire Netherlands-based firm Pegevo Bcheer BV for about Rs 221.41 crore (39.5 million euros) to expand its presence in the European market.

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Pegevo is a provider of substance formulations for crop protection agents including herbicides and fungicides.

The company's wholly-owned SD Agchem (Europe) NV has entered into a share purchase agreement with Pevobel NV and Gevobel NV, to acquire 100 per cent equity shares in Pegevo, the company informed the Bombay Stock Exchange.

These shares would represent 100 per cent voting share capital of Pegevo, it added.

Punjab Chemicals maker agrochemicals, pharmaceutical intermediates and speciality chemicals, among others.

The firm's shares were trading at Rs 126.85, up 6.69 per cent in the afternoon trade at BSE.