Elementis plc (LSE:ELM) shares rose 6.2% to 161.2p after the speciality chemicals group completed the sale of its pharmaceutical manufacturing business to Associated British Foods PLC (LSE:ABF) and said it would return the proceeds to shareholders through a share buyback. The company confirmed completion of the disposal for an enterprise value of €34.3 million ($39.8 million) and, after transaction costs, expects to receive net cash proceeds of about €30 million (roughly $35 million), all of which will be returned to shareholders via a share repurchase programme that is expected to begin as soon as practicable.