Harrowston sells 34% stake in SPI

Article Abstract:

Harrowston Inc., a Toronto, Ontario-based holding firm, has disposed of its 34% stake in SPI Holding Co. by selling it for C$331 million. The sale was made to a sugar business subsidiary of Associated British Foods PLC of Britain, UK. Harrowston is expected to get a net after-tax gain of approximately C$65 million from the sale. The company plans to use the proceed for future acquisitions. SPI, a manufacturer of Sorbitol and supplier of additives to the food and pharmaceutical industries, was created by Harrowston and Chase Capital Partners in 1994, to buy a specialty chemical business.

Comment:

Sells its 34% stake in SPI Holding Co to a subsidiary of Associated British Foods PLC for C$331 million

All Other Basic Organic Chemical Manufacturing, Synthetic Sweeteners, Sugar substitutes, Harrowston Inc., SPI Holding Co.

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Icahn increases Philip stake

Article Abstract:

Delaware-based High River L.P., a company controlled by financier Carl Icahn, acquired an additional two million common shares of Hamilton, Ontario-based Philip Services Corp.'s stock in a move that increased Icahn's holdings at Philip Services to 11.5% of the company. The additional shares at Philip Services, according to High River, were purchased for use as an investment, adding that more shares may be purchased via deals that are privately-negotiated or though the open stock market.

Comment:

Acquires an additional 2 mil common shrs of Philip Svcs' stock in a deal that increases Icahn's holdings to 11.5% of the co

Acquisitions & mergers, Foreign operations, Copper Mines, Copper Ore and Nickel Ore Mining, Offices of Bank Holding Companies, Investment Holding Companies, Delaware, Copper mining, Philip Services Corp., High River L.P.

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