_Taiwan
22-07-2004, 05:43
CK-ROC Systems, Taiwan's largest defence company and one of the largest in the world has confirmed rumours of a massive expansion. The Commerce commission has approved the purchase of two Taiwanese companies by CK-ROC Systems.
Millenium Materials
Established in the late 80s by British tycoon Richard Branson to cater for superyatch construction industry, Millenium Materials specialises in the production of composite materials mainly for maritime use. The company was floated on the Taipei index at $2.30 a share six years ago, but has recently hit hard times following the yatching industry's outsourcing to cheaper places such as China and India. CK-ROC prepared a friendly takeover for the company at $1.35 a share, approxiamately 25% above the market price at the time. Acceptances were recieved from over 90% of shareholders and the bid became unconditional.
Formosa Shipyards
One of the oldest companies in Taiwan, Formosa shipyards has a history spanning almost 100 years. When Alstom of France purchased a stake in the company and revamp it's inefficient practices, Formosa shipyards became an Asian giant, at it's peak producing 40% of the world's oiltankers. High costs and the rise of China have since led to declining margins and losses, with Alstom selling it's stake of 25% to CK-ROC systems. Immediately after, CK-ROC launched a bid for full control of the company. So far, 86.5% of the shareholders have accepted. Formosa Shipyards was privately owned.
Millenium Materials
Established in the late 80s by British tycoon Richard Branson to cater for superyatch construction industry, Millenium Materials specialises in the production of composite materials mainly for maritime use. The company was floated on the Taipei index at $2.30 a share six years ago, but has recently hit hard times following the yatching industry's outsourcing to cheaper places such as China and India. CK-ROC prepared a friendly takeover for the company at $1.35 a share, approxiamately 25% above the market price at the time. Acceptances were recieved from over 90% of shareholders and the bid became unconditional.
Formosa Shipyards
One of the oldest companies in Taiwan, Formosa shipyards has a history spanning almost 100 years. When Alstom of France purchased a stake in the company and revamp it's inefficient practices, Formosa shipyards became an Asian giant, at it's peak producing 40% of the world's oiltankers. High costs and the rise of China have since led to declining margins and losses, with Alstom selling it's stake of 25% to CK-ROC systems. Immediately after, CK-ROC launched a bid for full control of the company. So far, 86.5% of the shareholders have accepted. Formosa Shipyards was privately owned.