Possible sale of additive player Chemtura terminated for lack of attractive price

01-Jul-08

Leading global polymer additive manufacturer and supplier Chemtura, has terminated discussions on a sale, merger or other possible combination. The US$3.7 bln group has decided to remain independent after earlier speculation had linked the group to a possible sale to private equity players Apollo and Blackstone. The company is of the opinion that the timing of the sale is not correct, and it is unlikely at this time to result in a sufficiently attractive price. However, the board has instructed its management, a special committee and finance advisers Merrill Lynch to continue evaluation of other strategic options, including selective divestitures, joint ventures, value creating acquisitions and a possible share buy-back.