Umicore plan to double down on battery business knocks almost $1 billion off market cap
Belgium's Umicore presented a 5 billion euro plan to bulk up its battery materials business by 2026, as it prepares for soaring demand largely driven by electrical vehicle production. Averaging some one billion euros of spending per year, the price tag roughly doubled analysts' forecasts, sending shares down 10 percent and wiping 940 million euros ($990 million) off their market value. "This is an 'all in' approach to battery materials," Berenberg analyst Sebastian Bray said, adding investors were likely surprised by the…