London, Feb 24, 2026, 09:37 GMT — Regular session
- Johnson Matthey shares were little changed early Tuesday after a sharp drop a day earlier
- The Honeywell catalyst deal value was cut to £1.325 billion, trimming expected shareholder returns
- CEO Liam Condon disclosed a share purchase after Monday’s selloff
Johnson Matthey shares steadied in early trade on Tuesday, after sliding hard a day earlier on news it agreed to a lower price for the sale of its Catalyst Technologies business to Honeywell. The stock was last seen around 1,929 pence. (Trading Economics)
The revised terms matter because the Catalyst Technologies disposal is central to Johnson Matthey’s plan to streamline and push cash back to shareholders. The company said it now expects to return about £1.0 billion of net sale proceeds after completion, including an £800 million special dividend with share consolidation and a £200 million on-market buyback. (Investegate)
The deal price cut also lands as investors try to gauge how much of Johnson Matthey’s reshaped story depends on execution — and on regulators. The long-stop date was pushed out to July 21, with scope to extend to Aug. 21 if approvals are still pending, the company said. (Investegate)
On Monday, Johnson Matthey slumped 16.4% and was the biggest faller on London’s mid-cap index after it agreed to lower the sale price, a Reuters report showed. (Reuters)
Honeywell, which is buying the business, said the amended agreement cut total consideration to £1.325 billion from £1.8 billion and kept an end-August 2026 timetable for completion, subject to customary conditions including regulatory approvals. (Honeywell International Inc.)
A separate filing showed Johnson Matthey CEO Liam Condon bought 5,226 shares on Feb. 23 for about £100,984 at an average price of £19.22688 per share. (Investegate)
Analysts focused on what the renegotiation says about the unit’s near-term trading and bargaining power in the final stretch of approvals. “Whilst the revised consideration is clearly not an optimal outcome, it remains more favourable than weekend reports suggesting Honeywell was considering terminating the deal,” Jefferies analysts wrote in a note carried by Reuters. (MarketScreener)
Johnson Matthey reiterated its 2025/26 guidance and said it was making progress implementing a “cash-focused” model, while noting the Catalyst Technologies performance issues that fed into the revised terms. (Matthey)
Still, the downside case is obvious: the transaction still needs regulatory clearances and has already required more time, while the company’s biggest profit engine — its Clean Air business tied to catalytic converters — faces disruption from the shift toward electric vehicles, AJ Bell investment director Russ Mould said. (Sharecast)
Traders now watch for any regulatory sign-off milestones ahead of the July 21 long-stop date, and for detail on timing and mechanics of the special dividend, share consolidation and buyback once the deal closes.
