Stockholders Approve Chemtura Merger Agreement with LANXESS

Chemtura Corporation announced that at a special meeting of stockholders, Chemtura stockholders voted to approve and adopt the previously announced merger agreement under which LANXESS Deutschland GmbH, a wholly owned subsidiary of LANXESS AG, will acquire all of the outstanding shares of Chemtura common stock for $33.50 per share in cash, without interest.
 
Approximately 99.88% of the votes cast at the special meeting were in favor of the approval and adoption of the merger agreement, representing approximately 81.77% of Chemtura’s outstanding common stock as of Dec. 23, 2016, the record date for the special meeting.
 
Chemtura’s two additive segments will, together with LANXESS’ Rhein Chemie Additives business unit (ADD), form the new Performance Additives segment after the closing of the transaction. The first pillar of Chemtura’s additives business includes lubricant additives and synthetic lubricants for industrial applications, such as in power generation and aviation. The second pillar is mainly comprised of the brominated flame retardant additives, elemental bromine and further bromine derivatives businesses.
 
Subject to satisfaction or waiver of the remaining customary closing conditions in the merger agreement, the transaction is expected to close in mid-2017, at which time Chemtura will cease to be traded on the NYSE and Euronext Paris.