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FMC plans US$500M IPO of 15% of lithium business in H2

FMC Corp. is planning a US$500 million initial public offering for about 15% of its lithium business on the NYSE late in the third quarter or early fourth quarter, Reuters reported Feb. 26, citing CFO Paul Graves.

The move would value the company's lithium business at more than US$3 billion.

About six months following the IPO, the company will spin out its remaining 85% interest in the lithium segment to its existing shareholders, creating a stand-alone lithium company, Graves said.

FMC does not intend to retain any stake in the lithium business.

"We think there is a lot of merit in separating it and allowing lithium to have access to its own equity financing, its own balance sheet, to attract, develop and retain its own management team," he said.

Responding to a question, the executive said the planned IPO could be delayed if market conditions deteriorated.