News

Trinseo (NYSE:TSE) +5.2% in Friday's trading after shareholder M&G Investment Management disclosed in an SEC filing that it raised its ownership stake to 21.8% and will "take a more active role in supporting" the company to achieve its full potential.

M&G said it is "enthusiastic" about Trinseo's (TSE) strategic direction and prospects for future growth, and believes the company's current management is "capable of executing on the exciting opportunities available to the company."

Trinseo (TSE) shares sank 30% after the company said it would pause the planned sale of its styrenics business, citing the deterioration of financing markets and the economic uncertainty created by the war in Ukraine.

The stock then hit a 52-week low on Tuesday after reporting disappointing Q2 earnings and cutting full-year guidance for adjusted EBITDA.