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Income portfolio swap

Presumably, the £380m acquisition of Mondo Minerals, which brought talc production into Elementis’s speciality activities, was thought out better than the metaphor that mixed talc into a pillar, which was then somehow opened. Yet that’s by no means certain. After all, recall that last summer Elementis’s shareholders told the group’s bosses to wake up and renegotiate the price agreed with Mondo’s private-equity owners, otherwise they would not back the deal.

As a result, chief executive Paul Waterman and co returned with about 10 per cent off. Instead of $600m (£459m) – as originally announced – they settled on $500m plus maybe $50m in performance-based payments. An additional benefit for shareholders was that they were stung with a $230m rights call to help pay for the Finland-based talc producer, rather than the original $280m.

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