Arkema shares slump after explosions at flood-hit plant in Texas

Business


“Whilst this is obviously bad and unfortunate news, it is also so far the only case of long term impact from Harvey on the asset base of the industry in the region,” Laurent Favre, head of global chemicals research at Evercore ISI, said in a note.

“We stress that the financial impact should be limited as insurance would cover the loss of business, but also the capital expenditure to rebuild the site,” he added.

Shares of Arkema were more than 2.5 percent lower in Paris during early afternoon deals on Thursday. The stock was off by around 1.5 percent immediately after reports of the Crosby blast emerged, before slipping to a three-month low shortly after midday.



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