International. Chemtura Corporation announced that at a special shareholders' meeting held, its shareholders voted to approve and adopt the previously announced merger agreement under which Lanxess Deutschland GmbH, a subsidiary of Lanxess AG, will acquire all of Chemtura's common shares for US$33.50 per share in cash, interest-free.
Approximately 99.88% of the votes cast at the special meeting were in favor of the approval and approval of the merger agreement, representing approximately 81.77% of the outstanding common shares of Chemtura as of December 23, 2016, the date of registration for the special meeting.
Craig A. Rogerson, Chairman and Chief Executive Officer of Chemtura and Chairman of the Board of Directors of Chemtura, said, "We are pleased that our shareholders recognize the immediate and substantial value of this compelling transaction. We hope we have a bright future as part of Lanxess."
Chemtura's two additive segments constitute the main pillars of the company's business. Both, together with Lanxess' Rhein Chemie Additives (ADD) business unit, will form the new Performance Additives segment after the closing of the transaction. The first pillar of Chemtura's additive business includes lubricant additives and synthetic lubricants for industrial applications, such as power generation and aviation.
The second pillar is mainly composed of brominated flame retardant additives, elemental bromine and other bromine derivatives. Brominated flame retardant additives are used due to their high efficacy, especially in the construction industry for insulation and in the electronics industry.
