Kemira Floats Its Stake in Tikkurila

Kemira says it has completed the secondary offering of its 14% holding in paints and coatings maker Tikkurila (Helsinki).  Kemira announced yesterday its plans to float the shares. Kemira sold 14% of the total number of shares and votes in Tikkurila; the other 86% were distributed as dividends to Kemira’s shareholders. The sale price in the placing was €15.80/share ($22.47/share), resulting in gross sales proceeds of about €97.6 million, Kemira says. Tikkurila reported 2010 revenue of about €182 million. CFO Jyrki Mäki-Kala says the...

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