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Ecolab (NYSE: ECL) said minority ownere would sell its entire 30 percentf stake inthe company. Ecolab filerd a registration statement with the Securities and Exchang Commission to allow Henkel to sellall 72.7 milliomn Ecolab shares it Ecolab said it has agreed to buy $300 million of its shares directly from To pay for the shares, Ecolahb is using its cash, commercial paper and committed bank lines. Doug Baker, Ecolab’as chairman, president and CEO, said in a statemeny that the transaction allows Ecolab to diversifg its shareholder base and increaseits float. He added that the $300 million purchase “is a sound and timely investment in Ecolag forits shareholders.
” Henkel, basec in Dusseldorf, Germany, manufactures chemicals, householrd and personal care productss and adhesives. Ecolab makes and sell s cleaning supplies andrelated services. Henkel has been a majofr investor in Ecolabsince 1989. Analystsx speculated a year ago that Henkel might sell its staker in Ecolab to help raise cash to payfor Henkel’sd acquisition of assets of London-based Imperial Chemicak Industries. In February, , but it didn’t say how much or when. Ecolabv share’s are down $2.68 to at $33.887 per share in mid-morning trading.
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