18th Nov 2020 16:54
(Alliance News) - Croda International PLC said Wednesday it has raised GBP627 million through a placing and PrimaryBid.platform retail offer, the proceeds of which will go towards partly funding the acquisition of Spanish flavours and fragrance firm Fragrance Spanish Topco SL, which trades as Iberchem.
Under the placing and retail offer, the specialty chemicals firm issued 10.6 million shares at a price of 5,900 pence each, reflecting a discount of 3.0% to the closing price of 6,084p on Tuesday.
Shares in Croda International closed 1.4% lower at 5,999.95 pence on Wednesday in London.
Morgan Stanley and HSBC acted as joint global coordinators and bookrunners in the placing. The shares issued represent 8.2% of the existing issued share capital before the fundraise.
Earlier Wednesday, Croda said it will acquire Iberchem for EUR820 million. The Murcia-based firm employs about 850 people and has a commercial presence in 120 countries, Croda noted.
Following the issue, Croda will have 142.5 million shares issued overall.
By Dayo Laniyan; [email protected]
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