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...German drugs and chemicals group Merck has moved to increase its presence in high-tech electronic devices by agreeing to acquire Apple supplier AZ Electronic Materials in an all-cash deal worth £1.6bn....
...Shares in AZ, which makes chemicals used in semiconductors and flat screens, closed at 255p, up 15p....
...The shareholders of AZ Electronic, which include its management, launched the IPO with an aim to raise $400m from the sale of new shares and $100m from an offering of existing stock....
...AZ’s owners, Carlyle Group and Vestar Capital Partners, and management also hope to sell as much as $300m of shares in a secondary issue, depending on investor demand....
...Valued at $1.5bn to $2bn, AZ develops chemicals for use in electronic devices such as Apple’s iPad. It is due to price its shares in the middle of its price range on Friday....
...The owners of AZ Electronic Materials have sharply increased the amount they plan to raise from a London listing of the chemicals company in a sign of improving investor appetite for initial public offerings...
...AZ more than doubled earnings before interest, tax, depreciation and amortisation over the past five years to about $200m in the year to June....
...AZ supplies chemicals for technological applications and three grades of magical fairy dust to investors. First, some of AZ’s ingredients go into the all-conquering iPad....
...Air One and others had explored the need to fix a deal with unions before a sale, and sought more information on AZ Servizi, the huge ground operations and maintenance company half-owned by Alitalia....
...He sits on the board of AZ Electronic Materials, Firth Rixson, Stahl and Ensus. Philip Yea, chief executive, 3i Group Philip Yea took over as chief executive of FTSE 100-listed 3i Group in 2004....
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