Johnson Matthey shares soared by nearly a third after it announced the sale of its technologies business.
In a welcome boost for investors, the chemicals giant promised to return £1.4billion to shareholders after announcing the sale.
Its Catalyst Technologies arm will be sold to US conglomerate Honeywell for £1.8billion.
Shares rocketed 30.7 per cent.
Johnson Matthey’s value plunged by 75 per cent from a pre-Covid high to a valuation of £2.3billion this week.
It is streamlining after coming under pressure from activist shareholders, including largest shareholder Standard Industries.
Payouts: Chemicals giant Johnson Matthey promised to return £1.4bn to shareholders after announcing the sale.
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