Chemtura shareholders approve acquisition by LANXESS
LANXESS has taken a significant step forward in the planned acquisition of U.S. chemical company Chemtura. Chemtura’s shareholders approved the merger at a special meeting in Philadelphia, United States. 99.88 percent of the votes cast were in favor of the merger, representing 81.77 percent of Chemtura’s outstanding common stock. Under the terms of the merger agreement, Chemtura shareholders will receive USD 33.50 for each outstanding share in cash at closing of the transaction.
Clearance for the acquisition from the U.S. antitrust authorities was already received at the end of December 2016. LANXESS expects to close the transaction in mid-2017 after all remaining regulatory approvals have been received.
Flame retardant and lubricant additives are the main pillars of Chemtura’s business and would complement the current LANXESS portfolio. After closing of the transaction, these two business activities are to be integrated with LANXESS’s Rhein Chemie Additives business unit to form a new segment.
Alongside the additives, Chemtura’s portfolio also includes urethanes and organometallics, which will be integrated into LANXESS as well. Chemtura has about 2,500 employees globally and operates at 20 sites in 11 countries.
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