Shares of Middlebury chemical maker Chemtura Corp. rose sharply in early trading today on a published report that China’s major industrial firms are eyeing $1 billion in assets Chemtura has put up for sale.
According to Reuters, the South China Morning Post reported refiner Sinopec, China’s largest refiner, and other Chinese firms are reviewing Chemtura’s assets offered for sale.
In addition, China National Chemical Corp. and state oil trader Sinochem Corp. are assessing the financial details of the assets, the paper said.
At 11 a.m., Chemtura traded at 73 cents, up 11 cents, or 17.7 percent.
Chemtura said on Feb. 10 it was considering selling some assets in order to pay back its debt due in July this year and that it plans to reduce inventories. Â
A buyer will have to be selected by the end of March to give time to close the deal before the debt becomes due, the report said.
