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Germany's Merck KGaA (MKGAF.PK) Dips Into Hi-Tech Materials With $2.6 Billion Buy


12/5/2013 6:52:53 AM

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Merck (MRCG.DE), the world's largest maker of liquid crystals used in TVs, tablet and smartphone screens, has agreed to buy Britain's AZ Electronic Materials (AZEM.L) for $2.6 billion to expand its range of specialist chemicals for hi-tech gadgets. Germany's family controlled Merck, which also makes cancer drugs and laboratory equipment, will pay 403.5 pence per share in cash for the supplier of chemicals used in Apple's (AAPL.O) iPad, a 41 percent premium to AZ's three-month average share price. While many of Merck's peers in the pharmaceuticals industry are selling assets to focus on core businesses, Merck's deal underscores its position as a diversified group, with the family behind it seeking to spread its investment risk.

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