Uniqema是一间位于德国的油脂化学公司（oleochemical），他是Croda的独资子公司，Croda目前在伦敦上市。
KLK以 EUR60.5m 全面收购 Uniqema。
我非常不看好这个收购，我可以大胆推测这是烧钱的收购。
1。欧元处于下跌趋势。
2。Uniqema germany处于亏损情况。
3。KLK不擅长经营油脂化学公司（尤其是欧系公司），例如Yule Catto。
4。Uniqema 的年产量为150,000mt，如果以平均产量计，每吨的收购为403欧元，这看似很“合理”，但实际上，欧系的公司太注重工资，因此整体来说是昂贵的。
如果我们对比在2007年的一笔交易，当时KLK收购Uniqema Malaysia的成本，不过是RM677/mt。
（EUR/RM = 4.0548）
5。KLK必须吸纳35.2 million欧元的retirement benefit obligations。工资是公司的一部分，因此我们可以当作0看。 (KLK只需付croda 25.3m 欧元， 60.5 - 35.2 = 25.3 ）
NEWS
Tresa Sherin Morera, 12:44, Monday 10 May 2010
* To sell Emmerich site, related assets for 60.5 mln euros
* Says deal to marginally add to FY earnings
* KLK to assume retirement benefit obligations of business
* Croda shares rise 5.9 percent (Adds analyst's comments, updates share movement)
May 10 (Reuters) - British chemicals firm Croda International Plc said it agreed to sell its German oleochemicals business to a unit of Malaysian oil palm plantation group Kuala Lumpur Kepong Berhad (KLK) for 60.5 million euros ($77.2 million).
The company, which makes chemicals from natural products such as rapeseed and wool grease, said it planned to use the sales proceeds to cut its net debt, which stood at 292.7 million pounds ($433.2 million) at March 31.
Under the terms of the deal, KLK would assume the retirement benefit obligations of about 35.2 million euros related to the business.
KLK, which owns more than 240,000 hectares of plantations in Malaysia and Indonesia, is one of the world's largest makers of palm-based oleochemical products, such as fatty acids and glycerine and fatty amides.
Croda said it expected the deal to marginally add to its earnings for the year ending Dec. 31.
Analysts on average were expecting Croda to report a 2010 pretax profit of 142.9 million pounds, according to Thomson Reuters I/B/E/S.
The disposal largely completes Croda's restructuring programme to reposition its oleochemical operations following the acquisition of Uniqema in 2006, the company said in a statement.
"I think this is the final one of those opportunities to restructure the lower margin, less attractive, less specialist businesses they acquired with Uniqema," said analyst James Tetley at Brewin Dolphin (LSE: BRW.L - news) , which has a "buy" rating on the stock.
Croda's German oleochemicals business reported an adjusted operating loss of 2.1 million pounds ($3.11 million) on sales of 80.0 million pounds in 2009, and had net operating assets of 37.7 million pounds at Dec. 31.
On April 28, Croda said it nearly doubled its first-quarter pretax profit, helped by restocking across most of its markets, and said it saw robust trading continuing into the second quarter. [ID:nSGE63R082]
Croda shares were up 5.9 percent at 974 pence at 1053 GMT on Monday on the London Stock Exchange (LSE: LSE.L - news) , while the FTSE 350 chemicals index rose 5.8 percent to 5182.63 points. ($1=.6756 POUND) ($1=.7837 EURO) (Reporting by Tresa Sherin Morera in Bangalore; Editing by Maju Samuel)
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