FRANKFURT, March 2 German consumer products
group Henkel said it had submitted a binding offer
to buy the global Darex Packaging Technologies business from GCP
Applied Technologies for $1.05 billion on a cash and
debt free basis.
In connection with this binding offer, GCP will begin
consultations with workers' representatives, Henkel said in a
statement on Thursday.
"Upon completion of that process, it is intended to enter
into a definitive purchase and sale agreement in respect of the
proposed sale," it said.
(Reporting by Maria Sheahan; Editing by Shadia Nasralla)