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.

ICIS Copyright © Reed Business Information 2009

Author: Anna Jagger
+1 713 525 2653

< previous article(VIDEO - ICIS news Europe Lunchtime Bulletin 3 November 2009)

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.