Johnson Matthey share price up 13 per cent after investment firm doubles stake in British chemicals maker
Shares in Johnson Matthey jumped almost 13 per cent on Friday after the investment arm of New York-based industrial firm Standard Industries nearly doubled its stake in the British chemicals maker to 10 per cent, making it the largest shareholder.
Standard Latitude Master Fund had taken a 5.2 per cent stake in Johnson Matthey in April last year and spurred speculation that it could lead to a possible takeover.
The increase in stake by Standard Latitude, controlled by Standard Investments and the co-chiefs of Standard Industries, would make them the largest shareholder in Matthey, according to LSEG data.
Shares were on track to log their biggest percentage gain since July last year, if gains hold. The stock has fallen nearly 15 per cent so far this year.
This comes after a shake-up of the FTSE 100 this week led to Johnson Matthey dropping out of the prestigious list, alongside Abrdn and Persimmon – with Marks & Spencer being one of the most high profile firms to join it.
Stock rose 12.8 per cent to 1,840 pence, as of 0723 GMT.
Reuters – Radhika Anilkumar and Yadarisa Shabong