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Activist investor Ubben urges OCI to explore strategic options - Bloomberg News
Reuters
March 28 (Reuters) - Activist investor Jeff Ubben's Inclusive Capital Partners is urging Dutch fertilizer and chemical maker OCI NV (OCI.AS) to look for strategic options including asset sales, Bloomberg News reported on Tuesday, citing a copy of a letter sent by Ubben.
OCI should consider options for its methanol business, its low-carbon ammonia project in Beaumont, Texas, and its Iowa Fertilizer Co unit, the report said, quoting Ubben's letter to OCI Executive Chairman Nassef Sawiris.
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It added that the Dutch chemicals maker is worth almost double its 5.5 billion euros ($5.96 billion) market value.
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OCI is "both misunderstood and under-analyzed" and is worth about 90% more than its current stock price based on its underlying assets and announced projects, the letter added, according to the report.
Commenting on Ubben's letter, OCI CEO Ahmed El-Hoshy said the company is planning to undertake a review to address the points raised by Ubben and "examine all potential suggestions", the report said, citing an interview with the CEO, adding that El-Hoshy agrees with Ubben that OCI is undervalued.
Als de boel echt zo ondergewaardeerd is volgens El Hoshy, dan had een deel van die 3,50 aangewend om dividend in te gaan kopen. Maar op de één of andere reden wil men daar niet aan beginnen..
Teveel koers opdrijvend? Sawiris wil goedkoop de boel van de beurs halen, hopelijk wordt ie nu gedwongen om snel te handelen en voor dividend datum de boel nog te redden