Arkema Shareholder Selling as Much as EU450 Million in Stock
The shares are being sold for about 69.90 euros to the market price, or 72.61 euros as of yesterday’s close, according to a term sheet. Bank of America Corp. and HSBC Holdings Plc (HSBA) are handling the sale.
“We’re working on organic growth, new capacity expansion and acquisitions to help us move forward faster,” Chief Executive Officer Thierry Le Henaff said in a conference call March 8. The Colombes, France-based manufacturer of generic and brand-name chemicals has completed the integration of its purchase of Total SA’s specialty resins business, he said.
Arkema posted a loss of 19 million euros in 2011, compared with net income of 347 million euros in 2010, according to a regulatory filing. Cash and cash equivalents fell to 252 million euros in the same period, from 527 million. The stock has risen 25 percent since the company reported earnings March 8. Groupe Bruxelles rose 1.1 percent to 56.66 euros yesterday.
To contact the editor responsible for this story: Jennifer Sondag at firstname.lastname@example.org