UK markets closed
  • FTSE 100

    7,585.46
    +20.54 (+0.27%)
     
  • FTSE 250

    20,372.52
    +123.78 (+0.61%)
     
  • AIM

    968.25
    +10.25 (+1.07%)
     
  • GBP/EUR

    1.1764
    +0.0023 (+0.20%)
     
  • GBP/USD

    1.2631
    +0.0025 (+0.20%)
     
  • BTC-GBP

    22,913.91
    -1.17 (-0.01%)
     
  • CMC Crypto 200

    625.79
    -3.71 (-0.59%)
     
  • S&P 500

    4,158.24
    +100.40 (+2.47%)
     
  • DOW

    33,212.96
    +575.77 (+1.76%)
     
  • CRUDE OIL

    115.07
    +0.98 (+0.86%)
     
  • GOLD FUTURES

    1,857.30
    +3.40 (+0.18%)
     
  • NIKKEI 225

    26,781.68
    +176.84 (+0.66%)
     
  • HANG SENG

    20,697.36
    +581.16 (+2.89%)
     
  • DAX

    14,462.19
    +230.90 (+1.62%)
     
  • CAC 40

    6,515.75
    +105.17 (+1.64%)
     

Johnson Matthey soars 30% after industrials investor reveals 5.2% stake

  • Oops!
    Something went wrong.
    Please try again later.
·1-min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

(Reuters) - Shares in Johnson Matthey soared over 30% on Friday after the investment arm of New York-based industrial firm Standard Industries took a 5.23% stake in the British chemicals maker.

Matthey's stock jumped as much as 35% to 2,536 pence on Friday, its highest since November. A London trader, on condition of anonymity, said the stake deal could be a prelude to "some kind of move", referring to possible transactions.

Standard Industries bought U.S.-based global specialty chemical company W. R. Grace & Co a year ago in a $4.63 billion deal.

As of Thursday, Matthey had a market value of 3.47 billion pounds ($4.36 billion).

Standard's stake disclosure comes a few months after Johnson Matthey announced plans to sell or exit its battery materials business in November. Its stock had slumped 32% since that announcement.

"We would consider this to be something like an ideal owner for (Johnson Matthey), operational overlap on the process catalyst business and an ability to take a long-term view on the cash generation from the Clean Air business," analysts at Jefferies wrote in a note.

Standard Latitude Master Fund, controlled by Standard Investments and the co-chiefs of Standard Industries, would now be Matthey's fifth-largest shareholder, according to Refinitiv data.

($1 = 0.7966 pounds)

(Reporting by Yadarisa Shabong in Bengaluru; additional reporting by Joice Alves in London; Editing by Krishna Chandra Eluri)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting