Merck to buy AZ Electronic for £1.6B

Germany's Merck KGaA (MKGAF) has agreed to acquire AZ Electronic Materials (AZECF), a U.K.-listed provider of specialty chemicals used in the production of microchips and flat-panel devices, for £1.6B ($2.6B).

Merck is offering 403.5 pence ($6.61) a share, a premium of 53% to AZ's closing price yesterday.

The deal will enable Merck to grow beyond liquid crystals for flat-screen displays.

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