Henkel AG & Co. KGaA

M&A Activity • Oct 7, 2004

News Details

Ad-hoc | 7 October 2004 01:03

Henkel exchanges its Clorox stake against Clorox consumer businesses and cash

Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– On October 6, 2004 Henkel KGaA, Düsseldorf and The Clorox Company, Oakland, California, USA, have signed an agreement pursuant to which Henkel will exchange its entire 28.8 % stake in Clorox (approximately 61.4 million shares) for a newly formed subsidiary of Clorox that will hold a portfolio of operating businesses, including Soft Scrub and the Insecticides businesses Combat, Home Mat and Home Keeper, plus Clorox’s 20 % participation in Henkel Ibérica and approximately 2.1 billion USD in cash. The parties agreed to an aggregate value of approximately 0.74 billion USD for the operating businesses and the Henkel Ibérica stake being transferred. The operating businesses have aggregate sales of approximately 160 million USD. Henkel expects the exchange to qualify as a tax-free exchange under the Internal Revenue Code in the US. The transaction, which is subject to customary closing conditions and regulatory approvals, is expected to take place no later than December 1, 2004. end of ad-hoc-announcement (c)DGAP 06.10.2004 ——————————————————————————– WKN: 604843; ISIN: DE0006048432; Index: DAX Listed: Amtlicher Markt in Berlin-Bremen, Düsseldorf, Frankfurt (Prime Standard), Hamburg, Hannover, München und Stuttgart 070103 Okt 04