BUZZ-UK's Smiths Group hits record high after activist investor calls for sale or spin-off parts

Reuters

01-17

BUZZ-UK's Smiths Group hits record high after activist investor calls for sale or spin-off parts

** British engineering firm Smiths Group's SMIN.L shares hit a record high after activist investor Engine Capital, which owns roughly 2% stake in co, calls for sale of SMIN or parts of it

** Shares up 3% at 1,818 pence; among top gainers on London's FTSE 100 index .FTSE

** "We believe that Smiths has significant value that is currently unrealized due to its conglomerate structure, and that it is time for the board to announce a strategic alternatives process to maximize value for shareholders," Engine Capital says in a letter

** Shareholder offers two options - sell entire co or parts of it or spin-off unit John Crane in the U.S., and sell the other businesses

** Adds, if John Crane - Smith's engineered sealing solutions provider - listed as separate company in the U.S., it expects to command significant premium over the firm's current trading multiple

** In 2024, SMIN rose ~1%

(Reporting by Radhika Anilkumar in Bengaluru;)

((Radhika.Anilkumar@thomsonreuters.com;))

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