Sector News

Chemical company prodded by Ackman will split off agriculture division

August 25, 2017
Chemical Value Chain

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

comments closed

Related News

July 3, 2022

Neste acquires European rights to Alterra’s chemical recycling tech for difficult plastics

Chemical Value Chain

Neste has bought the European rights for Alterra Energy’s liquefaction technology, strengthening its chemical recycling capabilities. Alterra is a US-based company that has developed a thermochemical solution for liquefying difficult-to-recycle plastics.

July 3, 2022

Maria Soler Nunez appointed as Head, Group Operations at Lonza

Chemical Value Chain

Lonza appoints Maria Soler Nunez as Head, Group Operations. Maria joins Lonza from Novartis where she has led the quality organization since 2020. Maria will commence her tenure with Lonza Group on 1 August 2022, succeeding Stefan Stoffel, who is retiring from Lonza.

July 3, 2022

AkzoNobel announces Gregoire Poux-Guillaume as new Chief Executive Officer as of November 1, 2022

Chemical Value Chain

AkzoNobel has announced that Gregoire Poux-Guillaume will become the company’s new Chief Executive Officer (CEO) as of November 1, 2022. He will succeed Thierry Vanlancker, who has been CEO and member of the Board of Management since 2017, and whose term of office is coming to an end.