Johnson Matthey Fair Value Estimate Raised to £28.97 on Cormetech Execution Focus

Avient Corp announced an abrupt leadership transition, naming former UPL Corporation head Mike Frank as Chief Executive Officer to succeed Dr. Ashish K. Khandpur, who will remain as an advisor through year-end. Lead Independent Director Richard H. Fearon was appointed Non-Executive Chairman. The specialty materials producer also merely reiterated its third-quarter and full-year 2026 financial targets previously updated in August, opting not to raise forecasts ahead of its November 4 earnings release. Avient had raised its full-year adjusted EPS target in August to a range of $3.10 to $3.25, representing 10% to 15% growth over the prior year, against a current Wall Street consensus of $3.20 per share. Shares of Avient tumbled over 8% on Friday morning on the news. Incoming CEO Mike Frank brings over three decades of specialty chemicals experience, including a 25-year tenure at Monsanto and leadership of UPL Corporation and Nutrien Ag Solutions.

Evonik Industries shares rose 2.6% following a Reuters report that BASF could submit a new takeover offer for the German specialty chemicals company. Reuters reported that BASF may make another bid after Evonik rejected an earlier offer of €22.15 per share in September, a proposal that represented a premium of nearly 25% to Evonik's prior three-month average share price. Citi analysts said that even at an assumed offer price of €25 per share, their model indicates average earnings per share and free cash flow accretion of approximately 20% through 2030 for BASF, though return on invested capital would fall to around 9%, which they view as a threshold given the scale, complexity and execution risks involved. The analysts added that unless major shareholder RAG opposes a transaction, Evonik management may ultimately decide to engage in discussions, and noted that RAG's most recent share placement was executed at €19.99 per share. Citi also said it currently struggles to identify a valuation scenario in which Evonik shares can sustainably exceed €22 per share absent a broader sector recovery.

Sika has acquired Azpects Group, a leading UK manufacturer of polymeric sands for the landscaping sector, in a move the company says strengthens its position in a fast-growing segment. Azpects manufactures and distributes a range of easy-to-use polymeric paving joint compounds and complementary landscaping products for patios, pathways and driveways, serving landscaping contractors across the UK through established trade distribution channels. Sika said the deal creates cross-selling opportunities through highly complementary product portfolios and distribution channels, and that Azpects' manufacturing facility offers a platform to grow and optimize Sika's UK production footprint, with significant cost synergies expected in manufacturing and logistics. Regional Manager EMEA Christoph Ganz said Sika's distribution network can bring Azpects' product range into new channels and customer segments, and welcomed the Azpects team to the company. Sika is a specialty chemicals company with subsidiaries in 102 countries, production in over 400 factories, more than 33,000 employees and CHF 11.20 billion in sales in 2025.

Avient declared a quarterly dividend of $0.2825 per share, a 2.7% increase from its prior payout of $0.2750. The new dividend carries a forward yield of 2.72%. It is payable January 7 to shareholders of record as of December 11, which is also the ex-dividend date. The increase follows four consecutive quarters in which the company paid $0.2750 per share.

Simply Wall St's updated fair value estimate for Valterra Platinum has moved from ZAR 1,344.81 to ZAR 1,373.14, with the revision accompanied by split analyst commentary on the stock. On the bullish side, Berenberg keeps a Buy rating with a 7,500 GBp price target, RBC Capital maintains an Outperform rating with a 7,200 GBp target, and Jefferies starts coverage with a Hold rating and a ZAR 1,250 target, citing expectations for improving fundamentals and higher EBITDA while waiting for a better entry point. On the bearish side, Barclays cuts Valterra Platinum to Underweight from Equal Weight with a ZAR 1,260 target, pointing to valuation and limited upside to current volume guidance, while JPMorgan keeps an Underweight rating even after lifting its target to US$67. The model update also shows the projected ZAR revenue decline moderating from 4.92% to about 4.13%, the expected net profit margin easing from 20.56% to about 19.70%, the future P/E multiple shifting from 21.4x to about 22.4x, and the discount rate edging higher from 18.73% to about 18.84%.

Clariant has acknowledged the closing of the Stahl transaction between Wendel SE and Henkel, a deal that triggers its contractual obligation to sell its minority stake. Clariant held a minority stake of 14.6 % in Stahl Group, and its participation in the closing results in a preliminary cash proceed of CHF ~ 220 m pre-tax. The company said the existing shareholder agreement included a contractual obligation for Clariant as minority shareholder to participate in the transaction following notification from Wendel SE. The announcement was made in Muttenz on 01 October 2026.