CHEMICAL ACQUISITIONS: Elf Aquitaine moves to buy Pennwalt

French oil and chemical producer Elf Aquitaine has surfaced as the white knight to rescue Pennwalt from Centaur Partners, the investment group that holds 12.5% of Pennwalt shares and that has been trying to acquire the Philadelphia-based chemical firm since last summer. Pennwalt and Elf have signed a definitive agreement calling for the acquisition of Pennwalt's outstanding shares of common stock at a price of $132 per share. This is 20% above the $110 per share being offered by Centaur. Based on Pennwalt's 8 million shares or so outstanding, the value of the deal is more than $1 billion. Elf says that its tender offer will expire 20 business days after it commences, stated to be on or about March 24. The offer is conditioned upon at least a majority of Pennwalt's common shares, on a fully diluted basis, being tendered. Both boards of directors have unanimously approved the deal, but it must still gain ...