Clariant shares up 6% on Lanxess bid rumours

12 December 2007 17:57  [Source: ICIS news]

LONDON (ICIS news)--Shares in specialties maker Clariant closed up 6% at Swiss francs (Swfr) 11.15 ($9.86/€6.69) on Wednesday on renewed speculation of a bid from Germany-based chemicals maker Lanxess.

Troubled Clariant was put in the frame with Lanxess in June but the Clariant share price then, of more than SwFr21, was seen as too high.

Clariant’s market value has fallen since as the company has continued to struggle to push through price increases and faced the negative impact of higher feedstock and energy costs.

In November the company posted a third-quarter net loss and operating profits down 30% and its share price dropped 13%. Product price hikes of up to 30% in July had not been achieved.

The company has said it will continue to seek higher product prices.

It said in a conference presentation released onto its website that it would continue to consolidate the portfolio on core businesses and divest unattractively positioned businesses.

($1 = Swfr1.13/€1 =Swfr1.67)

By: Nigel Davis
+44 20 8652 3214

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