Chemtura shareholders overwhelmingly approve takeover / Closing mid-2017
German chemical and plastics producer Lanxess (Cologne / Germany; has taken the biggest hurdle toward its planned acquisition of US additives specialist Chemtura (Philadelphia, Pennsylvania / USA; for EUR 2.4 bn (USD 2.5 bn). At an extraordinary meeting in Philadelphia last week, the US company’s shareholders nearly unanimously (98.88%) approved the deal, which offers USD 33.50 for each of its outstanding common shares. In September 2016, the two companies signed a “definitive agreement” for the transaction – see of 27.09.2016. The acquisition will be the largest ever for Lanxess, which was founded in 2004 as a spin-off from Bayer (Leverkusen / Germany;

In announcing the vote, Lanxess CEO Matthias Zachert said the deal is still on track to close in mid-2017, by which time all remaining regulatory hurdles should have been taken. US antitrust authorities gave the green light at the end of December last year. After closing, the two main pillars of Chemtura’s portfolio – lubricants and additives – will be integrated into the Lanxess business unit Rhein Chemie Additives (Mannheim / Germany; and become part of a newly created operating segment Performance Additives. In addition to lubricant additives and synthetic lubricants used in industrial applications, Chemtura is also a leading supplier of brominated flame retardants, elemental bromine and other bromine derivatives.

The US company’s urethanes business, which produces precursors for specialty polyurethanes, will be integrated into Lanxess’ High Performance Materials segment, which also includes engineering plastics PA and PBT. Chemtura’s organometallics business, which produces catalysts for polymer production as well as fine chemicals and pharmaceuticals, will be merged into Lanxess’ Advanced Industrial Intermediates business unit.
06.02.2017 [236142-0]
Published on 06.02.2017
Lanxess: Chemtura-Aktionäre stimmen Übernahme zuGerman version of this article...

© 2001-2019  |  Imprint  |  Privacy is a business information platform for the European plastics industry. It is part of KI Kunststoff Information and PIE Plastics Information Europe, one of the leading content providers for the European plastics industry. We offer daily updated business news and reports, in-depth market analysis, polymer prices and other services for the international plastics industry, including a suppliers guide, career opportunities, a trade name directory and videos.

News | Polymer Prices | Material Databases | Plastics Exchange | Suppliers Guide | Jobs | Trade Names | Videos | Associations & Institutions | Register | Advertising

PIE – Plastics Information Europe | KI – Kunststoff Information | KunststoffWeb | Plastics Material Exchange | Polyglobe | K-Profi
© 2001-2019 by, Bad Homburg
Date of print: 06.12.2019 14:43:04   (Ref: 302824957)
Text and images are subject to copyright and other laws for protection of intellectual property.
Any duplication or distribution in any media as a whole or in parts requires prior written approval by Plasteurope. URL: