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ST. PAUL, Minn. - Ecolab Inc. said Thursday its largest shareholder will seek a price of $30.50 a share as it sells its entire stake in the cleaning and pest-control services company.
| ECL | 34.33 |  -0.07 |
That values Henkel and Co. AG's stake at about $2.22 billion and Ecolab said it will buy $300 million of the shares.
The price is a slight discount to Wednesday's closing price of $30.62 per share. Henkel's offering is expected to close Tuesday.
On Monday, Henkel said it would sell its entire 72.7 million-share stake in Ecolab. Ecolab won't receive any proceeds from the sale. Ecolab agreed to buy $300 million of the shares, or about 9.8 million shares.
Henkel, a German company, has owned a stake in Ecolab since 1989, when Henkel and Ecolab formed a European joint venture. Ecolab bought Henkel's share of the joint venture in 2001.
Ecolab had a total of 247.8 million shares outstanding on Sept. 30.
Ecolab shares rose $3.45, or 11.3 percent, to $34.07 in trading Thursday.
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