04 mei 2022
17:28
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The Korean LG Chem is lurking for the Belgian metal specialist, according to Bloomberg. “An offer would make sense,” said one analyst.
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Umicore
suddenly shot up to 16 percent on the Brussels stock exchange around 2.15 pm. The share then fell back slightly, but is still 13 percent higher at 42.89 euros. According to a report by the Bloomberg news service, South Korean LG Chem is looking for prey in Europe. Umicore would be one of the possible targets.
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LG Chem wants to expand into battery materials and would have its eye on Umicore, a major player in that niche. In an initial response, Umicore spokeswoman Caroline Jacobs said “no comment on speculation.”
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‘Significant premium’
LG Chem is still evaluating potential deals. There is no certainty about a deal yet,” Bloomberg quoted anonymous sources as saying. According to the same sources, the South Koreans have not yet formally approached Umicore and a possible offer will entail a ‘significant premium’ to the share price.
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We do not comment on speculation.
Caroline Jacobs
Spokeswoman Umicore
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GBL
GBL
benefits from Umicore’s share price jump as a major shareholder. Since the rumors, GBL’s share has risen 0.9 percent to 87 euros. The Brussels holding of the Frère family, which has a 15.92 percent interest in Umicore, does not wish to respond to De Tijd. The interest in Umicore represents 7 percent of the portfolio.
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Wild Wood
has a 1.65 percent interest in Umicore. A lot less than GBL, but in relation to the portfolio it is more important. Umicore has a weight of about 18.4 percent, according to a recent calculation by KBC Securities. As a result, Bois Sauvage pulls almost 3 percent higher.
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Umicore analyst response
We have received a response from a Umicore analyst who prefers to remain anonymous.
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- “A bid from LG Chem is a plausible scenario, as there is a strong trend towards vertical integration in the cathode business. That’s because access to raw materials is important.’
- ‘The timing of an offer makes sense. Umicore’s cathode business has not yet delivered what everyone expected. We are talking about a few more transition years. I think that the major shareholders of Umicore, Baillie Gifford and GBL (together accounting for about 25%, ed.), will be interested in a generous offer.’
- ‘The offer comes at a time when Umicore is trading rather cheaply from a historical perspective. That is also the result of the difficulties in the cathode business.’
- “I wonder what the political reaction will be. With the Battery Alliance, Europe wants to be less dependent on foreign players. In that sense Umicore is a unique player in Europe.’
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