COLOGNE, Germany—Chemtura Corp.'s shareholders have approved a deal for Lanxess A.G. to acquire the company for about $2.5 billion.
Lanxess said in a Feb. 1 news release that 99.9 percent of the votes cast were in favor of the merger, representing 81.8 percent of Chemtura's outstanding common stock. Shareholders will receive $33.5 in cash for each outstanding share at closing of the transaction.
"We are pleased that Chemtura's shareholders are so supportive of the planned acquisition," Lanxess CEO Matthias Zachert said in a statement. "Their approval is an important milestone on Lanxess' route to becoming one of the major players in the field of additives chemistry."