Umicore’s ‘all in’ bet on battery materials knocks shares

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Reuters UK

By Olivier Sorgho (Reuters) -Belgium’s Umicore plans to invest around 5 billion euros ($5.25 billion) by 2026 to capitalise on the shift towards electric vehicles, the maker of chemicals and battery materials said on Wednesday, jolting investors and sending shares tumbling 15%. The investments will be mostly used to boost Umicore’s battery recycling and rechargeable battery materials units, the group said. “This is an ‘all in’ approach to battery materials,” said Berenberg analyst Sebastian Bray, adding the market was likely surprised by the magnitude of the investments. “They have higher inve…

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