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11 November 2009
On 11 October 2007 the boards of Cookson Group plc and Foseco plc reached agreement on the terms of a £500 million recommended cash offer by Cookson for the entire issued and to be issued share capital of Foseco. Lovells advised Merrill Lynch and JP Morgan Cazenove as joint bookrunners of a £150 million cash box placing. The firm also advised Merrill Lynch as financial adviser to the bidder.
Cookson is a leading supplier of consumable products for use in the foundry and steelmaking industries. Foseco is a leading supplier of metallurgical chemicals to the foundry industry, and plays a role in the automotive, construction and engineering casting markets The combination of these businesses provides opportunities to enhance the growth of both while providing customers in foundry and steel production markets with an excellent range of value-added products and services.
Richard Brown, together with Katherine Mulhern, led the team advising on the cashbox placing. Adam Hastings assisted. Nick Parden, together with Nicola Evans, led the team advising Merrill Lynch as lead financial adviser.
This deal is indicative of the type of work our London ECM and corporate finance teams are working on, enabling us to strengthen our ties with the leading investment banks.