Bilcare AG is going to acquire INEOS Films

Bilcare AG, the German unit of Bilcare Ltd., announced to have signed an agreement with INEOS Group, a diversified chemical company, to acquire its film business for Rs. 6.07 billion.

INEOS Films is a leading global producer of high quality polymer films. The company has assets in North America, Europe, and Asia.

Mohan Bhandari, Chairman, Bilcare said, “This acquisition is a paradigm shift in the pharma packaging space and a significant step towards creating a customer centric company to deliver path breaking innovations and establish global leadership.....

Iain Hogan, CEO, INEOS films said that bringing together Bilcare’s research and development with INEOS films’ production and application knowledge is a big strategic leverage for the companies.

The transaction would be completed by a merger process overlooked by wholly owned subsidiaries of Bilcare and INEOS in Germany through share/asset purchase. The transaction is expected to be completed at the end of August 2010 while companies would have to submit necessary filings to German court and seek approvals.

Post declaration, share prices of Bilcare Ltd. rose 13.18 percent to Rs.505 at BSE.

Set up by Mohan Bhandari in 1995, Bilcare Ltd. is an Indian multi-national company. It main business focus is pharmaceutical packaging, clinical supplies and brand authentication and security technology through Bilcare Technologies.