Huber group acquires majority stake in Micro Inks

Bilakhias would, however, continue to hold a minority interest in Micro Inks. Huber, through its holding company MHM holding GMBH, would also launch the obligatory tender offer to acquire up to 20 per cent of the shares of Micro Inks Ltd.

Huber would be able to appoint the majority of the board members in Micro Inks. The positions of the Chairman and the managing director will, however, continue to be proposed by the Bilakhia group, but Huber would, in addition, appoint an executive vice-chairman and managing director.

The transaction, which is subject to requisite Indian regulatory and other approvals, is expected to be completed by early 2006.

Both parties have also agreed to co-operate globally and the Bilakhias would acquire a 46 per cent stake in a European subsidiary of Huber — Stehlin & Hostag Ag.

The need to be present in the fast growing Asian region compared to the slower growth rates in Europe and North America resulted in the current transaction. Huber becomes the market leader in India through this integration with the leading Indian printing ink manufacturer Micro Inks.