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
This equipment will significantly lower the site’s CO2 emissions, reduce flaring and save around 60 gigawatt hours (GWh) energy each year. Project kick-off is in February 2021, with completion planned for 2023.
The acquisition significantly strengthens and expands Grace’s existing pharma portfolio. Pharma & Consumer is the largest, fastest growing and most profitable subsegment within Grace’s Materials Technologies business.
Solvay says it has decided to organize its soda ash and derivatives business into a separate and fully controlled legal structure.