OCI tops STOXX on deal to sell ammonia project for $2.35 bln

OCI

05/08/2024 09:05

** Shares in OCI  OCI.AS  jump around 10% after the Dutch
chemicals maker said it had agreed to sell its clean ammonia
project in Texas to Australia's Woodside Energy  WDS.AX  for
$2.35 billion
    ** "The sale, after a competitive process, unlocks
significant value as we believe current market expectations
assign limited value to the Texas Blue project," says ING
    ** ING adds that net cash proceeds should be significant and
above $1 billion
    ** J.P.Morgan says in a note the $2.35 billion price is
higher than its valuation (EV) of $1.1 billion/$1.9b billion for
this project
    ** If gains hold OCI's stock will see its best day since
mid-December; it is at the top of Europe-wide STOXX 600  .STOXX 
index which drops 2.3%
    

 (Reporting by Dimitri  Rhodes)
 ((Dimitri.Rhodes@thomsonreuters.com;))