Johnson Matthey shares tumbled 15% after Honeywell agreed to acquire its Catalyst Technologies business for £1.33 billion, down from the £1.8 billion deal announced in May 2025. The revised price reduces Johnson Matthey's planned shareholder return to approximately £1 billion from £1.4 billion, comprising an £800 million special dividend and a £200 million on-market share buyback.

Honeywell cited weaker business performance at Catalyst Technologies, including deferred sustainable solutions licensing projects and softer catalyst demand amid a challenging market environment. The companies extended the antitrust approval deadline to July 21, with a potential further extension to August 21 if conditions are met. Jefferies analysts noted the £1.33 billion figure still compares favorably against their £700 million sum-of-the-parts valuation for the business before the transaction.

Johnson Matthey maintains its fiscal 2025-26 guidance for underlying operating profit growth at the higher end of a mid single-digit percentage range and free cash flow materially higher than last year, excluding Catalyst Technologies and its Value Businesses. The British specialty chemicals maker's market capitalization stood at £3.9 billion as of Friday's close, with shares trading at 2,304 pence.