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The Wall Street Journal: Lanxess to buy Chemtura in $2.7 billion chemical-company merger

Specialty chemical company Lanxess AG said Sunday it is buying Chemtura Corp. in a deal with an enterprise value of around EUR2.4 billion ($2.7 billion).

Lanxess LXS, -0.34% said combining the two companies would expand its business activities in additives for lubricants and flame retardants. Lanxess said the value of the deal works out to about $33.50 per share of Philadelphia-based Chemtura CHMT, +2.29% . That represents an 18.9% premium to the stock’s closing share price of $28.18 on Sept. 23, Chemtura said.

Lanxess, based in Cologne, Germany, intends to fund the deal using existing liquidity and issuing new debt.

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