RTTNews | Oct 7, 2020 10:49AM EDT

10:48 Wednesday, October 7, 2020 (RTTNews.com) - Shares of specialty chemicals company Element Solutions Inc (ESI) are rising more than 6% Wednesday morning on the news of share repurchase by the company.

The company today said it has bought back 1.5 million shares from affiliated entities of Nicolas Berggruen, a co-founder and former director of the Company for $11.50 per share.

Also, Executive Chairman Sir Martin E. Franklin purchased 500,000 shares and unaffiliated third-party investors acquired additional shares representing all of Berggruen's remaining shares of the company's common stock.

The stock is currently trading at $12.46, close to its 52-week high of $12.74.

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