Philadelphia,Pennsylvania — Lanxess' plan to purchase Chemtura came a step closer on 1 February, when 99.88% of Chemtura shareholders voting, at a special meeting approved the purchase.
Matthias Zachert, Lanxess management board chairman said: "We are pleased that Chemtura's shareholders are so supportive of the planned acquisition. Their approval is an important milestone on Lanxess' route to becoming one of the major players in the field of additive chemistry."
The shareholders voted to accept $33.50/share in cash on closing. The proposed deal was announced in September 2016 months after Craig Rogerson, Chemtura ceo, put his company on the market at an American Chemistry Council meeting in Palm Springs, Colorado in June 2016.
Approval for the acquisition was given in December 2016 in the US, and Lanxess confirmed that it expects to close transition in mid-2017 after the remaining regulatory approvals have been received.