{"id":70584,"date":"2016-09-26T15:13:32","date_gmt":"2016-09-26T13:13:32","guid":{"rendered":"http:\/\/www.arabtelegraph.com\/?p=70584"},"modified":"2016-09-26T15:13:32","modified_gmt":"2016-09-26T13:13:32","slug":"70584","status":"publish","type":"post","link":"https:\/\/www.arabtelegraph.com\/?p=70584","title":{"rendered":""},"content":{"rendered":"
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Germany’s Lanxess to buy US chemical firm Chemtura for $2.7 billion<\/h1>\n

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Lanxess AG is to buy U.S. speciality chemical company Chemtura for 2.4 billion euros ($2.69 billion) including debt in the German company’s largest ever takeover, moving it further away from its main synthetic rubber business.<\/strong><\/p>\n

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Lanxess’s offer of $33.50 per share is a premium of about 19 percent to the Philadelphia-based company’s share-price close on Friday.<\/p>\n

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The world’s largest synthetic rubber maker will use existing funds and new debt to buy Chemtura, Lanxess said in a statement, describing the deal as its largest ever acquisition.<\/p>\n

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It is part of its push to diversify away from the synthetic rubber unit, which depends heavily on the car industry and is under pressure from rivals. It agreed to sell a 50 percent stake in that business to Saudi Aramco for 1.2 billion euros last year.<\/p>\n

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Its new core business includes highly specialized substances such as ingredients for drugs and pesticides, leather-tanning chemicals, construction pigments for concrete and roofing tiles, and water treatment chemicals.<\/p>\n

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The Chemtura deal will help it boost its industrial lubricant additives and flame retardant additives businesses.<\/p>\n

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It follows the 2010 takeover of Dutch company DSM for around 310 million euros and Brazilian rubber producer Petroflex in 2008 for 280 million euros.<\/p>\n

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The shares rose 8 percent to their highest in more than a year on Monday, and were the best performers on the European STOXX 600 index .<\/p>\n

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UBS analyst Patrick Rafaisz said the price represented a multiple of 10 over earnings before interest, taxes, depreciation and amortization (EBITDA) and just seven times when including targeted synergies.<\/p>\n

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“The price paid for expanding is reasonable, in our view, and a refreshing discount to the early- to mid teens multiples that have become more typical in M&A during the last few quarters,” Rafaisz said.<\/p>\n

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

Lanxess also said it will no longer pursue its earlier-announced share buy back of around 200 million euros.<\/p>\n

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Morgan Stanley advised Chemtura on the deal.<\/p>\n<\/div>\n<\/div>\n<\/section>\n

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<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"

Germany’s Lanxess to buy US chemical firm Chemtura for $2.7 billion Lanxess AG is to buy U.S. speciality chemical company Chemtura for 2.4 billion euros ($2.69 billion) including debt in the German company’s largest ever takeover, moving it further away from its main synthetic rubber business. Lanxess’s offer of $33.50 per share is a premium …<\/p>\n","protected":false},"author":3,"featured_media":70599,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[36],"tags":[],"class_list":["post-70584","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-te-public"],"yoast_head":"\n- Arab Telegraph<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.arabtelegraph.com\/?p=70584\" \/>\n<meta property=\"og:locale\" content=\"ar_AR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"- Arab Telegraph\" \/>\n<meta property=\"og:description\" content=\"Germany’s Lanxess to buy US chemical firm Chemtura for $2.7 billion Lanxess AG is to buy U.S. speciality chemical company Chemtura for 2.4 billion euros ($2.69 billion) including debt in the German company’s largest ever takeover, moving it further away from its main synthetic rubber business. 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