A chemical giant that’s under pressure from activist investor Bill Ackman has decided to split itself into two separate companies, The Post has learned.
Platform Specialty Products is expected to announce Thursday that it will pursue a public offering of its agricultural pesticides division, according to sources briefed on the situation.
In the process, the company is nixing an auction of the agricultural unit, which had drawn interest from prospective bidders including billionaire Stephen Schwarzman’s Blackstone Group, sources said.
Platform Specialty Chairman Martin Franklin and Ackman mutually agreed to scrap the auction process for the unit, whose manufacture of products to protect berries, grapes and beehives represents about half the overall business, a source said.
Ackman’s hedge fund Pershing Square Capital is the leading shareholder, with a 14.5 percent stake.
Last month, The Post reported that Blackstone had advanced in an auction that valued Platform’s agricultural division at more than $4 billion.
Platform Specialty declined comment.
By Josh Kosman
Source: NY Post
Corteva (Indianapolis, Indiana) says it has signed a definitive agreement to acquire Stoller Group (Houston, Texas), a producer of biostimulants and plant nutrition products, for $1.2 billion. Stoller is one of the largest independent biologicals companies globally, with operations in more than 60 countries and more than $400 million in annual sales.
OMV has announced its new corporate structure today, designed to fully enable the delivery of Strategy 2030. The new organization will be built on five distinct areas. In addition to the CEO and CFO areas, three business segments will be established: Chemicals & Materials, Fuels & Feedstock, and Energy.
The European petchem sector is readying for some tough quarters. It’s a different picture in the US. So is this the best time ever to find a new role in the chemical industry? If you are in Europe, you would expect me to say probably not. But actually, it depends. So let me give you four answers to this question.