Media Release - Clariant

− represents a multiple of 28.0 times BTP’s earnings per share for the financial year ended 31
March 1999; and
− includes a loan note alternative.
• Clariant PLC has received irrevocable undertakings from the directors of BTP to accept the Offer in
respect of 311,475 BTP Shares, representing approximately 0.18 per cent. of BTP’s issued ordinary share
capital. These undertakings are binding even if a competing offer is announced by a third party.
• Clariant is headquartered in Muttenz, Switzerland and has a market capitalisation of approximately £ 3.9
billion (CHF 10.4 billion). It is one of the largest global specialty chemical companies, with 1998 sales of
approximately £ 3.6 billion (CHF 9.5 billion). Clariant employs approximately 30,000 people worldwide.
• Through its fine chemicals division BTP manufactures pharmaceutical and agrochemical intermediates
and active ingredients, and specialty chemicals for electronics and personal care. Its performance
chemicals division manufactures biocides, leather chemicals and a range of other products. In the
financial year ended 31 March 1999, BTP's audited consolidated turnover was £ 374 million and
operating profit was £ 58 million (before amortisation of goodwill). BTP employs approximately 2,800
people world-wide.
Life Science Intermediates
• The combination of Clariant's Life Science Intermediates business with BTP's complementary fine
chemicals division will create a leading global supplier of intermediates and active ingredients to the
pharmaceutical and agrochemical industries with sales of approximately £ 340 million (CHF 900 million).
• Clariant's expanded Life Science Intermediates business will have an infrastructure including state-ofthe-art
manufacturing facilities on four continents. The acquisition will extend Clariant's cGMP (current
Good Manufacturing Practice) capacity to North America and strengthen its capabilities in Europe.
• The enlarged Life Science Intermediates business will have a strong pipeline of new products which
Clariant estimates have additional sales potential within three years of over £ 190 million (CHF 500
million).
• The acquisition will significantly improve Clariant's ability to supply a broad range of intermediates and
active ingredients to the pharmaceutical industry and add to its existing agrochemicals business. BTP,
with approximately 40 per cent. of its sales in North America, also increases Clariant's presence in this
important market.
• Following the completion of the Offer, Clariant is expected to become a strategic supplier to most of the
leading global pharmaceutical and agrochemical companies.
• The transaction represents a highly complementary combination of both companies' core technologies
and chemical competencies in Life Science Intermediates. Through it Clariant is also acquiring several
new technologies, including certain biological processes, that will increase Clariant's already extensive
expertise in complex chemistry.
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