Advertisement
Singapore markets closed

  • Straits Times Index

    3,280.10
    -7.65 (-0.23%)
     

  • Nikkei

    37,934.76
    +306.28 (+0.81%)
     

  • Hang Seng

    17,651.15
    +366.61 (+2.12%)
     

  • FTSE 100

    8,137.38
    +58.52 (+0.72%)
     

  • Bitcoin USD

    63,683.89
    +195.00 (+0.31%)
     

  • CMC Crypto 200

    1,328.07
    -68.47 (-4.90%)
     

  • S&P 500

    5,096.49
    +48.07 (+0.95%)
     

  • Dow

    38,168.73
    +82.93 (+0.22%)
     

  • Nasdaq

    15,912.44
    +300.68 (+1.93%)
     

  • Gold

    2,346.50
    +4.00 (+0.17%)
     

  • Crude Oil

    83.63
    +0.06 (+0.07%)
     

  • 10-Yr Bond

    4.6650
    -0.0410 (-0.87%)
     

  • FTSE Bursa Malaysia

    1,575.16
    +5.91 (+0.38%)
     

  • Jakarta Composite Index

    7,036.08
    -119.22 (-1.67%)
     

  • PSE Index

    6,628.75
    +53.87 (+0.82%)
     

Germany's Lanxess to buy Chemtura for about $2.12 billion in cash

Reuters

(Reuters) - Lanxess AG (LXSG.DE) said on Sunday it would buy specialty chemical company Chemtura Corp (CHMT.N) for about $2.12 billion in cash to improve the German company's additives business.

Lanxess's offer of $33.50 for each Chemtura share, represents a premium of about 19 percent to the Philadelphia-based company's close on Friday.

The world's largest synthetic rubber maker will use existing funds and new debt to buy Chemtura in a deal with an enterprise value of about 2.4 billion euros ($2.69 billion), Lanxess said in a statement.

The boards of both companies have unanimously approved the deal, which is expected to close around mid-2017, Chemtura said in a separate statement.

ADVERTISEMENT

Lanxess also said it will no longer pursue its earlier-announced share buyback of around 200 million euros.

Morgan Stanley advised Chemtura on the deal.

($1 = 0.8913 euros)

(Reporting by Ismail Shakil in Bengaluru; Editing by Sandra Maler and Sunil Nair)