DSM announced this morning it has acquired a 51% stake in AGI Corporation of Taiwan for about € 41m through the subscription in a public tender offer. The decision to invest in AGI was already communicated in December 2010. AGI is mainly a producer of a broad range of environmentally friendly ultraviolet curable resins, which are used in coatings and inks for wood, flooring plastic and graphic arts applications. 2010 revenues totalled approximately € 97m. Our View: The acquisition further strengthens DSM’s UV resins technology platforms while increasing exposure in emerging markets. However, this transaction is fairly small. No change to our BUY rating and € 55 target price.