Johnson Matthey shares surge as Standard Industries doubles stake to 10%

Shares in Johnson Matthey jumped 12% on Friday after Standard Industries nearly doubled its shareholding in the specialty chemicals group to over 10%.

In a regulatory filing to the London Stock Exchange, Johnson Matthey said that Standard Latitude Master Fund raised its holding from 5.23% to 10.09%.

Standard Latitude Master Fund is the investment arm of New York-based, privately-held global industrial company Standard Industries.

Standard Industries operates in over 80 countries through investments in public markets and early to growth-stage technologies, across performance materials, logistics, real estate and next-generation solar technology, its website says.

Standard Latitude Master Fund, which is now Johnson Matthey's largest shareholder, first invested in the London-listed firm in April 2022, leading to rumours that a takeover could be on the cards.

The stock was up 11.6% at 1,819p in mid-morning trade.