BOC increases shareholding in its Japanese gases company

COMPANY PRESS RELEASE: BOC has succeeded in its bid to acquire most of the shares it did not already own in its subsidiary Osaka Sanso Kogyo Ltd (OSK). As a result of a cash tender offer which closed on 26 April, The BOC Group will increase its holding from approximately 55 per cent to over 93 per cent of the issued share capital of OSK. The funds required for settlement will be approximately yen 13.4 billion (GBP76.4 million) and payment will be made on 8 May.

The increased shareholding will assist the integration of OSK into BOC’s global lines of business organisation. This is expected to improve the competitive advantage of OSK in serving its key customers and thereby enhance growth prospects. The management of BOC also believes that the increase in its investment in OSK will have a positive effect on the earnings of the Group.

OSK is one of the major industrial gases companies in Japan, with some 700 employees. In respect of OSK for the financial year ended 30 September 2000, The BOC Group consolidated turnover of GBP318 million, profit before tax of GBP[25.4 million and earnings after tax of GBP15.6 million before deduction of the minority interest.

Serving two million customers in more than 50 countries, The BOC Group is one of the largest and most global of the world’s great gases companies. It employs 43,000 people and had sales of more than GBP3.8 billion last financial year.

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