MUMBAI, December 23: Chemicals group ICI Australia Ltd said on Tuesday it had purchased some of ICI Plc explosives operations for about $370 million. ICI Australia said the businesses bought -- those of Canada, Latin America, Europe and the US distribution business -- had estimated sales for 1997 of $500 million, trading profit of about $20 million and net assets of about $295 million. ICI Australia, to be renamed Orica Ltd on February 2, 1998, became an independent company earlier in 1997 when ICI Plc sold its majority 62.4 per cent shareholding. The company said after the acquisition it would be the world's largest supplier of explosives with a global market share of about 20 per cent.

US ends probe on S Korean TV investment in Mexico: The US commerce department on Monday said it ended an investigation into allegations that South Korean companies were circumventing a US anti-dumping order by assembling and exporting television sets from Mexico. The probe was begun in January 1996 at the request of a group of US unions, including the International Brotherhood of Electrical Workers, which charged that South Korean investment in the Mexican plants was insignificant, and the final products had a high content of parts from outside the region.

BAT, Zurich sign definitive deal: BAT Industries Plc said on Tuesday it had completed negotiations and signed a definitive agreement to merge its financial services businesses with Switzerland's Zurich Group. The deal, which will create one of the largest insurance and asset management groups in the world, was first announced in October. Zurich shareholders will have a slightly higher stake in thenew company than first announced. They will own 57 per cent while BAT shareholders will own 43 per cent. The merger terms have been adjusted to reflect the relative values of the businesses, including Zurich's better then previously anticipated earnings outlook.

EU clears CSFB buy of BZW: The European Commission said it cleared a proposal by Credit Suisse First Boston, part of Credit Suisse, to buy the British and continental European equities businesses of Barclays Plc's investment banking arm BZW. The deal was notified to the commission on November 20. The commission said CSFB and BZW had overlapping activities in equity underwriting, equity trading and mergers and acquisitions advice.

Volkswagen New Beetle launch delayed: Volkswagen AG was expected to delay the launch of its New Beetle model as a result of production problems at a Mexican plant, a German newspaper reported on Tuesday. Production of the successor to VW's legendary Beetle was supposed to begin in Mexico in April, but would now start "dramatically later," the Sueddeutsche Zeitung said. A new start date had not been named, it said. In addition, VW also has to push back Mexican production of its new Golf model about five months, the paper said.

Two US power firms merge to create $28 billion firm: Two US electricity companies, American Electric Power (AEP) and Central and Southwest Corporation (CSW), have announced a merger that will create a new firm with market capitalisation of $28.1 billion. The combined entity, approved by directors at both companies, would serve 4.6 million customers in 11 states and some four million subscribers outside the US. Under the agreement each common share of CSW will be converted into 0.6 shares of AEP, which will issue $6.6 billion in stock to CSW shareholders to complete the deal.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.