EVC float expected to raise close to pounds 245m
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.EVC International, Western Europe's biggest maker of polyvinyl chloride, will be priced at between 70 and 80 Dutch guilders a share when it is floated on the stock market next month, writes Martin Flanagan.
Yesterday's pathfinder prospectus said the flotation of EVC, currently a joint venture between ICI of Britain and EniChem of Italy, will raise around pounds 245m and value the company at more than pounds 400m.
ICI and its Italian partner will continue to hold a total of just under 40 per cent of EVC, the fourth-biggest maker of PVC in the world.
ICI and the Italians are each set to receive about pounds 60m from their stake sales. EVC is expected to receive net proceeds of more than pounds 120m. Gearing is expected to come down from 57 to 28 per cent.
Both ICI and EniChem have agreed not to sell any more shares until at least early 1996. The final flotation price will be set on 14 November, and trading is expected to start in Amsterdam and on SEAQ International on 21 November.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments