SHARES: DOWN

ICI's shares fell 13 per cent and its earnings forecasts were shaved in the wake of its failure to sell its Crosfield subsidiary and on concern over debt levels. US-based WR Grace & Co. is not to go ahead with an agreed offer of $455m (pounds 268m) for Crosfield, first announced in April, because of regulatory problems. The sale was aimed at cutting ICI's pounds 4.4bn debt and was part of ICI's transformation into a speciality chemical company from its focus on commodity chemicals.

The stalled sale comes amid falling asset values across the chemical industry, prompted by emerging-market recessions, fueling speculation that Grace sought to renegotiate the price for Crosfield. Copyright: IOS & Bloomberg

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