Wires

Semperit ups Latexx stake to 59.3 pct in takeover bid

VIENNA, Oct 9 (Reuters) - Austrian rubber and plasticproducts maker Semperit Holding AG has increased itsstake in Malaysian medical glove maker Latexx Partners Bhd

to nearly 60 percent by buying 12 percent on the openmarket on Tuesday, it said.

Semperit this week launched a $197.4 million cash offer forLatexx, securing an initial 47 percent stake from coreshareholders.

The acquisition would give Semperit access to Malaysia'sglove industry, a world leader due to its access to rubber, andhelp it move towards its planned annual sales volume of 23billion gloves by 2015, the company said.

The global rubber glove industry, worth about $4.9 billion,has consolidated from 65 industry players controlling 45 percentof world market share in 2000 to 40 players commanding some 63percent in 2012, according to the Malaysian Rubber ExportPromotion Council.

Semperit has now secured a 59.3 percent stake in Latexx, astatement said, noting the takeover was still subject toregulatory approvals.

"Semperit is confident that it will be able to acquire themajority of Latexx Partners once the mentioned conditions arefulfilled," it added.

Semperit offered 2.30 ringgit per share and 1.77 ringgit perwarrant, valuing Latexx, the world's sixth-largest medicalgloves maker, at 512 million ringgit based on its current sharesoutstanding.

The offer price represented a 28.5 percent premium toLatexx's closing price on Friday, and was 37.7 percent above thethree-month volume weighted average price of Latexx's shares,Semperit said. Latexx closed up 25.7 percent at 2.250 ringgit.

(Reporting by Michael Shields; additional reporting byYantoultra Ngui in Kuala Lumpur; Editing by Louise Heavens)

((Michael.Shields@thomsonreuters.com)(+43 1 531 12 258)(ReutersMessaging: michael.shields.thomsonreuters.com@reuters.net))

Keywords: SEMPERIT LATEXX/