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CVC to Buy Chemicals Distributor Univar for $2.2 Billion

A group of investors led by private equity firm CVC Capital Partners said Monday it bid 1.5 billion euros ($2 billion) for chemicals distributor Univar with approval from Univar's boards.

The bid of 53.50 euros ($72.76) per share represents a 37% premium over Univar's closing share price on Friday; Univar's shares leapt 36% to 52.99 euros early Monday.

The acquiring company is "a wholly-owned Dutch subsidiary" of Ulysses Luxembourg Sarl, "a company controlled by funds advised and managed by CVC," Univar said in an edited press release published by Dow Jones Newswires.

Univar conducts around two-thirds of its business in North America and the other third in Europe. It had net income of $134.2 million on sales of $6.6 billion last year.

The deal is expected to close in the third quarter of 2007.

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