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Loctite Agrees to Merge With Henkel

December 06, 1996|Times Staff and Wire Reports

A merger agreement with Henkel was unanimously approved by Loctite Corp.'s board, five weeks after the German company unveiled a proposal to buy Loctite for $56 a share. The companies said they agreed to a deal in which Dusseldorf-based Henkel will acquire the 65% of Loctite it does not already own for about $1.3 billion, or $61 in cash per share. One of the conditions that Loctite had required was that its Hartford, Conn., headquarters remain open for at least two years. Loctite stock lost 88 cents to close at $60.63 on the New York Stock Exchange.

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