Kekst & Co. handles Platform Specialty Products, which the Wall Street Journal reported today is in “advanced talks” on a $3B deal to sell its agricultural chemicals unit to London’s Wilmcote Holdings.
The West Palm Beach (FL) company, which announced a plan last August to separate its ag and performance solutions (consumer electronics, automotive, energy specialty chemicals) groups into separate businesses, confirmed the discussions with Wilmcote as well as several other parties.
“We are fortunate to have options, and we will keep all of our stakeholders apprised as and when appropriate,” PSS said in a statement.
The WSJ noted that the $3B ag sale proceeds would go a long way in reducing PSS’ $5.5B debt and power its plan to form two separate business to help boost “an underperforming stock.”
Wilmcote, which relies on Teneo for financial PR, said discusssons with PSS are ongoing, but there is no certainty that a deal will happen. Trading of its shares on the London Stock Exchange were suspended.
Kekst, which is owned by Publicis Groupe, has Liz Cohen on the PSS beat.