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Lanxess to Buy Chemtura for $2.1 Billion in Additives Push

  • Acquisition accelerates shift towards specialty chemicals
  • Chemtura’s CEO had been evaluating a sale since last year
Updated on

Lanxess AG agreed to buy U.S. competitor Chemtura Corp. for about $2.1 billion in cash, more than doubling the size of its additives business and accelerating a shift towards specialty chemicals.

Shareholders of the maker of lubricant additives and flame retardants will get $33.50 a share under the terms of deal, Cologne, Germany-based Lanxess said in a statement Sunday. The offer is 19 percent higher than Philadelphia-based Chemtura’s close at $28.18 on Sept. 23. Lanxess shares rose as much as 12 percent, the most since April 2009, while Chemtura stock was up 17 percent to $32.94 in pre-market trading.