Ansell hikes share purchase plan after 'strong support'

The news: Ansell has completed its share purchase plan (SPP), unveiled in April, increasing its planned offer size of $65 million to $75 million due to 'strong support' from retail shareholders.

The numbers: The personal protective equipment (PPE) manufacturer said that it received more than 8,480 eligible applications, totalling over $170 million, leading it to increase the size of its SPP to $75 million.

Proceeds will be used to partially fund Ansell's acquisition of Kimberley-Clark's PPE business (KCPPE) for USD640 million ($973.96 million).

The context: Ansell previously said the acquisition, which is expected to complete during the first quarter of FY24, would improve its position in chemical protective clothing, its product life cycle sustainability through the ownership of KCPPE’s product recycling service, strengthen its EBIT margin, offer scale benefits through the combined supply chain and organisation teams, and value creation.