9 19 Courtaulds Courtaulds NNP 20 23 PLC PLC NNP 24 33 announced announce VBD 34 39 plans plan NNS 40 42 to to TO 43 47 spin spin VB 48 51 off off RP 52 55 its its PRP$ 56 64 textiles textile NNS 65 75 operations operation NNS 76 78 to to TO 79 87 existing exist VBG 88 100 shareholders shareholder NNS 101 103 in in IN 104 105 a a DT 106 119 restructuring restructuring NN 120 122 to to TO 123 128 boost boost VB 129 140 shareholder shareholder NN 141 146 value value NN 146 147 . . . 150 153 The the DT 154 161 British british JJ 162 170 chemical chemical NN 171 174 and and CC 175 182 textile textile NN 183 190 company company NN 190 192 ’s 's POS 193 197 plan plan NN 197 198 , , , 199 204 which which WDT 205 213 requires require VBZ 214 225 shareholder shareholder NN 226 234 approval approval NN 234 235 , , , 236 241 would would MD 242 248 create create VB 249 250 a a DT 251 254 new new JJ 254 255 , , , 256 262 listed list VBN 263 267 U.K. U.K. NNP 268 273 stock stock NN 274 278 with with IN 279 280 a a DT 281 289 probable probable JJ 290 296 market market NN 297 311 capitalization capitalization NN 312 319 between between IN 320 321 # # # 321 324 300 300 CD 325 332 million million CD 333 334 ( ( ( 334 335 $ $ $ 335 338 473 473 CD 339 346 million million CD 346 347 ) ) ) 348 351 and and CC 352 353 # # # 353 356 400 400 CD 357 364 million million CD 364 365 , , , 366 374 analysts analyst NNS 375 379 said say VBD 379 380 . . . 381 384 The the DT 385 398 establishment establishment NN 399 401 of of IN 402 405 the the DT 406 414 separate separate JJ 415 422 company company NN 422 423 , , , 424 426 to to TO 427 429 be be VB 430 436 called call VBN 437 447 Courtaulds Courtaulds NNP 448 456 Textiles Textiles NNP 456 457 , , , 458 463 could could MD 464 466 be be VB 467 476 effective effective JJ 477 479 as as RB 480 485 early early RB 486 488 as as IN 489 493 next next JJ 494 498 year year NN 498 500 ’s 's POS 501 506 first first JJ 507 514 quarter quarter NN 514 515 . . . 518 527 Investors investor NNS 528 536 welcomed welcome VBD 537 540 the the DT 541 545 move move NN 545 546 . . . 547 557 Courtaulds Courtaulds NNP 557 558 ’ ' POS 559 565 shares share NNS 566 570 rose rise VBD 571 573 15 15 CD 574 579 pence pence NN 580 582 to to TO 583 586 362 362 CD 587 592 pence pence NN 592 593 , , , 594 601 valuing value VBG 602 605 the the DT 606 612 entire entire JJ 613 620 company company NN 621 623 at at IN 624 629 about about IN 630 631 # # # 631 635 1.44 1.44 CD 636 643 billion billion CD 643 644 . . . 647 657 Courtaulds Courtaulds NNP 657 658 ’ ' POS 659 666 spinoff spinoff NN 667 675 reflects reflect VBZ 676 684 pressure pressure NN 685 687 on on IN 688 695 British british JJ 696 704 industry industry NN 705 707 to to TO 708 713 boost boost VB 714 719 share share NN 720 726 prices price NNS 727 733 beyond beyond IN 734 737 the the DT 738 743 reach reach NN 744 746 of of IN 747 756 corporate corporate JJ 757 764 raiders raider NNS 764 765 . . . 766 776 Courtaulds Courtaulds NNP 776 777 ’ ' POS 778 791 restructuring restructuring NN 792 794 is be VBZ 795 800 among among IN 801 804 the the DT 805 812 largest large JJS 813 817 thus thus RB 818 821 far far RB 822 824 in in IN 825 832 Britain Britain NNP 832 833 , , , 834 840 though though IN 841 843 it it PRP 844 846 is be VBZ 847 854 dwarfed dwarf VBN 855 857 by by IN 858 863 B.A.T B.A.T NNP 864 874 Industries Industries NNPS 875 878 PLC PLC NNP 878 880 ’s 's POS 881 886 plans plan NNS 887 889 to to TO 890 894 spin spin VB 895 898 off off RP 899 906 roughly roughly RB 907 908 # # # 908 909 4 4 CD 910 917 billion billion CD 918 920 in in IN 921 927 assets asset NNS 928 930 to to TO 931 935 help help VB 936 940 fend fend VB 941 944 off off RP 945 946 a a DT 947 955 takeover takeover NN 956 959 bid bid NN 960 964 from from IN 965 977 Anglo-French anglo-french JJ 978 987 financier financier NN 988 991 Sir Sir NNP 992 997 James James NNP 998 1007 Goldsmith Goldsmith NNP 1007 1008 . . . 1009 1012 The the DT 1013 1021 divested divested JJ 1022 1032 Courtaulds Courtaulds NNP 1033 1040 textile textile NN 1041 1051 operations operation NNS 1052 1055 had have VBD 1056 1065 operating operating NN 1066 1072 profit profit NN 1073 1075 of of IN 1076 1077 # # # 1077 1079 50 50 CD 1080 1087 million million CD 1088 1090 on on IN 1091 1092 # # # 1092 1095 980 980 CD 1096 1103 million million CD 1104 1106 in in IN 1107 1114 revenue revenue NN 1115 1117 in in IN 1118 1121 the the DT 1122 1126 year year NN 1127 1132 ended end VBD 1133 1138 March March NNP 1139 1141 31 31 CD 1141 1142 . . . 1145 1149 Some some DT 1150 1158 analysts analyst NNS 1159 1163 have have VBP 1164 1168 said say VBD 1169 1179 Courtaulds Courtaulds NNP 1179 1180 ’ ' POS 1181 1186 moves move NNS 1187 1192 could could MD 1193 1198 boost boost VB 1199 1202 the the DT 1203 1210 company company NN 1210 1212 ’s 's POS 1213 1218 value value NN 1219 1221 by by IN 1222 1223 5 5 CD 1223 1224 % % NN 1225 1227 to to TO 1228 1230 10 10 CD 1230 1231 % % NN 1231 1232 , , , 1233 1240 because because IN 1241 1244 the the DT 1245 1248 two two CD 1249 1257 entities entity NNS 1258 1268 separately separately RB 1269 1273 will will MD 1274 1279 carry carry VB 1280 1281 a a DT 1282 1288 higher high JJR 1289 1294 price price NN 1295 1303 earnings earning NNS 1304 1312 multiple multiple JJ 1313 1317 than than IN 1318 1322 they they PRP 1323 1326 did do VBD 1327 1335 combined combine VBN 1335 1336 . . . 1337 1339 In in IN 1340 1348 addition addition NN 1348 1349 , , , 1350 1360 Courtaulds Courtaulds NNP 1361 1365 said say VBD 1366 1369 the the DT 1370 1375 moves move NNS 1376 1379 are be VBP 1380 1387 logical logical JJ 1388 1395 because because IN 1396 1400 they they PRP 1401 1405 will will MD 1406 1411 allow allow VB 1412 1416 both both DT 1417 1420 the the DT 1421 1430 chemicals chemical NNS 1431 1434 and and CC 1435 1442 textile textile NN 1443 1453 businesses business NNS 1454 1456 to to TO 1457 1462 focus focus VB 1463 1467 more more RBR 1468 1475 closely closely RB 1476 1478 on on IN 1479 1483 core core NN 1484 1494 activities activity NNS 1494 1495 . . . 1498 1508 Courtaulds Courtaulds NNP 1509 1512 has have VBZ 1513 1517 been be VBN 1518 1523 under under IN 1524 1532 pressure pressure NN 1533 1535 to to TO 1536 1543 enhance enhance VB 1544 1555 shareholder shareholder NN 1556 1561 value value NN 1562 1567 since since IN 1568 1576 takeover takeover NN 1577 1588 speculators speculator NNS 1589 1591 – -- : 1592 1601 including include VBG 1602 1612 Australian australian JJ 1613 1622 financier financier NN 1623 1628 Kerry Kerry NNP 1629 1635 Packer Packer NNP 1636 1638 – -- : 1639 1647 surfaced surface VBD 1648 1655 holding hold VBG 1656 1661 small small JJ 1662 1668 stakes stake NNS 1669 1673 last last JJ 1674 1678 year year NN 1678 1679 . . . 1680 1686 Though though IN 1687 1690 Mr. Mr. NNP 1691 1697 Packer Packer NNP 1698 1701 has have VBZ 1702 1707 since since IN 1708 1712 sold sell VBN 1713 1716 his his PRP$ 1717 1722 stake stake NN 1722 1723 , , , 1724 1734 Courtaulds Courtaulds NNP 1735 1737 is be VBZ 1738 1744 moving move VBG 1745 1747 to to TO 1748 1752 keep keep VB 1753 1756 its its PRP$ 1757 1770 institutional institutional JJ 1771 1783 shareholders shareholder NNS 1784 1789 happy happy JJ 1789 1790 . . . 1791 1795 Even even RB 1796 1803 without without IN 1804 1805 a a DT 1806 1814 specific specific JJ 1815 1823 takeover takeover NN 1824 1830 threat threat NN 1830 1831 , , , 1832 1842 Courtaulds Courtaulds NNP 1843 1845 is be VBZ 1846 1852 giving give VBG 1853 1865 shareholders shareholder NNS 1866 1867 “ `` `` 1867 1873 choice choice NN 1874 1877 and and CC 1878 1883 value value NN 1883 1884 , , , 1884 1885 ” '' '' 1886 1890 said say VBD 1891 1896 Julia Julia NNP 1897 1902 Blake Blake NNP 1902 1903 , , , 1904 1906 an an DT 1907 1914 analyst analyst NN 1915 1917 at at IN 1918 1924 London London NNP 1925 1937 stockbrokers stockbroker NNS 1938 1946 Barclays Barclays NNP 1947 1949 de de IN 1950 1955 Zoete Zoete NNP 1956 1960 Wedd Wedd NNP 1960 1961 . . . 1964 1966 In in IN 1967 1968 a a DT 1969 1978 statement statement NN 1978 1979 , , , 1980 1983 the the DT 1984 1991 company company NN 1992 1996 said say VBD 1996 1997 : : : 1998 1999 “ `` `` 1999 2003 Both both DT 2004 2009 parts part NNS 2010 2013 can can MD 2014 2018 only only RB 2019 2026 realize realize VB 2027 2032 their their PRP$ 2033 2037 full full JJ 2038 2047 potential potential NN 2048 2051 and and CC 2052 2054 be be VB 2055 2068 appropriately appropriately RB 2069 2075 valued value VBN 2076 2078 by by IN 2079 2082 the the DT 2083 2089 market market NN 2090 2092 if if IN 2093 2097 they they PRP 2098 2101 are be VBP 2102 2112 separately separately RB 2113 2119 quoted quote VBN 2120 2129 companies company NNS 2129 2130 . . . 2131 2134 The the DT 2135 2142 sharper sharp JJR 2143 2153 definition definition NN 2154 2157 and and CC 2158 2161 the the DT 2162 2170 autonomy autonomy NN 2171 2176 which which WDT 2177 2181 each each DT 2182 2186 will will MD 2187 2194 thereby thereby RB 2195 2199 gain gain VB 2200 2204 will will MD 2205 2212 benefit benefit VB 2213 2225 shareholders shareholder NNS 2225 2226 , , , 2227 2236 customers customer NNS 2237 2240 and and CC 2241 2250 employees employee NNS 2250 2251 . . . 2251 2252 ” '' '' 2255 2265 Courtaulds Courtaulds NNP 2266 2274 Chairman Chairman NNP 2275 2278 and and CC 2279 2284 Chief Chief NNP 2285 2294 Executive Executive NNP 2295 2298 Sir Sir NNP 2299 2310 Christopher Christopher NNP 2311 2315 Hogg Hogg NNP 2316 2320 will will MD 2321 2327 remain remain VB 2328 2330 in in IN 2331 2335 both both DT 2336 2341 posts post NNS 2342 2344 at at IN 2345 2348 the the DT 2349 2358 surviving survive VBG 2359 2367 chemical chemical NN 2368 2375 company company NN 2376 2381 after after IN 2382 2385 the the DT 2386 2393 spinoff spinoff NN 2393 2394 . . .