ICI puts Synetix catalyst unit up for sale, plans £800m rights issue

31 January 2002 09:50  [Source: ICIS news]

LONDON (CNI)--UK specialty chemicals producer ICI confirmed plans on Thursday to divest its Synetix catalyst business and raise £800m ($1.13bn/Euro1.30bn) through a rights issue.

It said it is in advanced stages of preparation for a rights issue to raise approximately £800m, net of expenses.

Proceeds from the rights issue, which is expected to be underwritten, plus the Synetix divestment will be used to pay down debt.

ICI's shares fell sharply in reaction to the announcement. They were 8.6% lower at £3.39 on the London Stock Exchange (LSE) at approximately 09:20 hours GMT.

By: Anna Jagger
+1 713 525 2653

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