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Shares of chemical products maker rise after report of spinoff talk

Semiconductor supplies to Huawei have been targeted by Washington as part of the broader U.S.-China trade war.
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Shares of Platform Specialty Products climbed Friday after Bloomberg reported, citing people familiar with the matter, that the chemical products maker was considering a potential split in its businesses.

A Platform spokesperson declined to comment to CNBC on the report.

The Florida-based company is working with advisors to separate its agrochemical and industrial arms due to a view inside the company that the two business units are not being correctly valued by the market, sources told Bloomberg. The split could open an opportunity for a sale of the Platform's agrochemical business, people familiar with the matter said in the report.

Deliberations are at an early stage and no deal is certain, the sources said in the report.

The last significant corporate deal for Platform was a $3.5 billion purchase of Arysta LifeScience, an agrochemical business, in 2014.

Shares closed 3 percent higher on the day and are up more than 90 percent over the last 12 months.

Platform Specialty Products 12-month performance