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Barloworld - Competition Commission approves acquisition of Midas Paints
Barloworld Limited
(Registration number 1918/000095/06)
JSE code: BAW
ISIN code: ZAE000026639
("Barloworld")
Competition Commission approves Barloworld acquisition of Midas Paints
Diversified industrial company Barloworld Limited today announced it has
received unconditional approval from the South African Competition Commission
for its acquisition of Midas Paints (Pty) Limited. Midas Paints trades as Midas
Earthcote. The effective date of the acquisition will be from May 2006.
The deal, which was originally announced on 1 September 2005, will see Midas
become part of Barloworld"s South African coatings operations.
Commenting on the transaction, Barloworld Executive Director and CEO of
Barloworld Coatings Andre Lamprecht said: "The Earthcote business will form part
of our strategy to provide consumers of premium quality wall coatings with a
fully integrated lifestyle offering.
"The Midas brand is already well established in the Western Cape contracting
market, and will play an important role in our offering to clients such as local
authorities who require a contracting solution with strong Black Economic
Empowerment credentials.
"This we will achieve through an enterprise development strategy of partnership
with contractors from previously disadvantaged communities. We intend creating
a large number of painter learnerships which will benefit not only the industry
and our clients, but also society at large," he said.
Mike Vadas, CEO of Midas said: "We are delighted that the business we have built
is going to become part of Barloworld Coatings. As the coatings industry leaders
they have the scale and resources to build on what we have created as an
innovative challenger to the more traditional coatings brands and turn it into a
really powerful force shaping the future of the industry."
Midas will be run as a separate entity within Barloworld Coatings, and existing
management and staff, including Mike Vadas, will be retained. The business will
report to Ebrahim Mohammed, Managing Director of Barloworld Coatings" Other
Africa operations.
A copy of the original announcement, which describes the rationale for the
acquisition is available on www.barloworld.com in the News and Media: News
Archives section.
For further information contact Andre Lamprecht, CEO of Barloworld coatings on
+27 11 301 4600.
3 May 2006
Sponsor: J.P.Morgan Equities Limited
Date: 03/05/2006 02:48:06 PM Produced by the JSE SENS Department
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