Mississaugua, Ontario, July 29--DuPont Canada Inc., a textiles company that makes Nylon, Lycra and polyester, said on Monday it completed the privatization of the company as shareholders approved an amalgamation with parent company Dupont Co.
Dupont Canada, which makes other specialty chemical, fiber and films, said 99.9 percent of total shares voted were in favor of the purchase.
The tender offer was initiated in March by Wilmington, Delaware-based DuPont, the No. 2 U.S. chemicals maker, which faced a shareholder lawsuit and complaints their initial offer of C$21 a share fell short of expectations.
Dupont later sweetened its offer to C$21.75 per DuPont Canada share to bring the total value of the deal to C$1.46 billion ($1 billion)
Before it initiated the offer, DuPont owned 76 percent of DuPont Canada. Canadian investors, including DuPont Canada employees, owned the remaining 24 percent.
Acquiring the unit will smooth the way for DuPont's planned sale of its textiles business, which could fetch about $5 billion.
At the meeting, shareholders also approved the reduction of the number of directors from ten to four.
