LONDON, July 4, 2026, 00:01 BST
- Johnson Matthey ended Friday at 2,014p, gaining 4.95%. The FTSE 250 was up 0.5%.
- China has signed off on Honeywell’s buyout of Catalyst Technologies. Johnson Matthey said all conditions for the deal are now satisfied.
- Friday’s gain flipped a 3.1% week-to-Thursday drop into a 1.7% gain for the week.
- The £1 billion cash return Johnson Matthey is planning is about 30% of its £3.38 billion market value.
The London Stock Exchange closed for the weekend following its usual Friday trading, with normal hours between 8:00 a.m. and 4:30 p.m. BST. Johnson Matthey Plc (LON:JMAT) goes into Monday’s session above 2,000p, as a rally late in the week lifted the shares.
Johnson Matthey closed Friday at 2,014p, up 95p, after Honeywell International Inc (NASDAQ:HON) got clearance from China’s market regulator for its Catalyst Technologies deal. The move sent shares to their highest close since June 25 and left them up nearly 10 times the FTSE 250’s 0.5% gain.
| Friday market snapshot | Johnson Matthey | Benchmark / context |
|---|---|---|
| Close / quoted level | 2,014p | — |
| Daily move | up 95p, gaining 4.95% | FTSE 250 added 0.5% |
| Day range | traded between 1,906p and 2,014p | Finished right at the high |
| Volume | 636,000 shares moved | 20% more than average for Mon-Thu |
| Market value | £3.38 billion | — |
Johnson Matthey lost 3.1% from last Friday’s 1,980p close by Thursday, then rebounded. By the end of the next session, the stock was up 1.7% on the week. Shares ended the week 7.7% above Wednesday’s 1,870p low, but stayed 17% under the 52-week high of 2,434p, according to AJ Bell.
China’s regulators signed off, Johnson Matthey said in a brief notice. The company said all conditions for the sale are now met, and closing is set for no later than the end of August. That moved the trade on from approval risk to focusing on the cash payout.
| Catalyst sale and cash-return math | Amount | Scale versus £3.38 bln market cap |
|---|---|---|
| Revised sale enterprise value | £1.325 bln | 39% |
| Targeted payout to shareholders | about £1.0 bln | 30% |
| Special dividend plus share consolidation | £800 mln | 24% |
| Buyback in the market | £200 mln | 6% |
The numbers are important because this is a big deal compared to Johnson Matthey’s equity value. Back in February, Johnson Matthey dropped the Catalyst Technologies sale price to £1.325 billion from £1.8 billion after results in that unit fell short—some sustainable-solutions licensing was delayed and catalyst-supply profits were down. The company stuck with plans to send about £1 billion from the net proceeds back to shareholders: £800 million as a special dividend and £200 million on a buyback.
Johnson Matthey is selling assets as it focuses tighter on emissions control and platinum group metals. CEO Liam Condon pointed to a 163% jump in free cash flow to £168 million for the year to March 31, saying in May that “the significant increase in cash generation shows our strategy is working.” The company is targeting at least £250 million in sustainable free cash flow each year by 2027/28. Matthey
Johnson Matthey is looking at stationary emissions as its next growth driver, moving away from its old Catalyst business. The company in May said it would buy Cormetech for $360 million, targeting about $35 million in EBITDA in 2026, not counting synergies. “Nobody has a competitive offering like Cormetech for primary emission control in data centres,” Condon told analysts. Reuters
The focus next week is on whether the stock keeps its approval premium before closing documents land. Johnson Matthey’s next company item is the annual meeting on July 16, where the board is set to put forward a 55p final ordinary dividend. Counting the 22p interim, that locks in the ordinary payout for 2025/26 at 77p per share.
