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The Lanxess ABS stock, which has gained 23 per cent in the last one week, surged on Friday to a new 52-week high of Rs 211.35 following news of its parent, Lanxess AG of Germany, selling off its styrenes business to British company INEOS Group.

The market is obviously anticipating an open offer from the British buyer. Meanwhile, Indian promoters, the Agrawal family, also announced to the BSE their decision to sell their equity in Lanxess ABS India to INEOS Group. The stock is likely to witness more action in the days ahead.

K.S. Badri Narayanan

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