11 September 2008 16:12 [Source: ICIS news]
LONDON (ICIS news)--Shares in Ciba Specialty Chemicals dropped over 8% in value on Wednesday after surging early in the week on takeover speculation.
Rumours of a possible takeover bid from its Swiss rival Clariant and talk of replacing a chairman Armin Meyer saw the stock surge 9.5% on Monday, but shares have since dropped close to a long-term low.
Ciba’s share value has nearly halved since the third quarter of 2006 as the company struggled with low margins.
In August analysts cut ratings and earnings estimates for Ciba after the firm reported second quarter operating profits 50% below consensus.
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