26 September 2016
DETAILS
LANXESS (FRA: LXS) reaches the next milestone
on its growth path:
The specialty chemicals company announced plans
to acquire US-based
Chemtura Corporation (NYSE: CHMT),
one of the major global providers of
high-quality flame retardant and lubricant additives.
With the largest acquisition in its history, LANXESS
is building on its own additives portfolio and
will become one of the world’s major actors
in this growing market.
The companies have signed
a definitive acquisition agreement.
Under the terms of the agreement, Chemtura shareholders
will receive USD 33.50 per share in cash
for each outstanding share of common stock held,
which represents a 18.9% premium
to the stock’s closing share price of
USD 28.18 on September 23, 2016.
The transaction with an enterprise value of
approximately EUR 2.4 billion
will be financed by LANXESS mainly
through senior and hybrid bonds,
as well as from existing liquidity.
The transaction, which is expected
to close around mid-2017, is subject to
approval by Chemtura shareholders,
required regulatory approvals
and certain other customary closing conditions.
Matthias Zachert,
Chairman of the Board of Management of LANXESS AG
in the field of additives and are strengthening
our already profitable portfolio,”
“Through the acquisition, we are further implementing
our strategy to become
a more resilient and profitable chemical company.
We are significantly building on
our competitive positioning in medium-sized markets
and increasing our presence in North America.
LANXESS is taking a next and major step
forward on its growth path.”
CONTACT LANXESS
WWW.CHEMWINFO.COM BY KHUN PHICHAI
