10 May 2010 17:27 [Source: ICIS news]
LONDON (ICIS news)--European chemical companies made significant gains on Monday but failed to match a sharp rebound in European blue-chip stocks after the EU approved a close to €750bn ($960bn) fund to support heavily indebted eurozone countries.
The bailout package was aimed at addressing the EU financial crisis triggered by ?xml:namespace>
On Monday at around 15.00 GMT Europe’s blue-chip index Eurostox had risen 9% from Friday’s close.
At the same time, the share price of German pharmaceticals and chemicals maker Bayer was up 3.1% at €46.65, while Dutch coatings, paints and specialty chemical company AkzoNobel ticked 3.94% higher to €42.6. German chemicals major BASF performed notably better and climbed 6% to €43.5.
Rhodia soared 13.4% to €16 after it successfully refinanced $500m worth of debt through a bond issue.
($1 = €0.78)
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