European authorities approve Crompton's merger with Great Lakes Chemical
Issue now goes before companies' shareholders on July 1...
MIDDLEBURY, CT, June 27, 2005 (BUSINESS WIRE) -- Crompton Corporation announced that it received formal clearance June 15 from the European competition authorities of its proposed merger with Great Lakes Chemical Corporation.
Shareholders of both companies will vote on the merger on July 1, 2005. The combined business will be a leader in plastics and petroleum additives, flame retardants and pool chemicals.
Under the deal, Crompton shareholders will own a 51 percent stake, and Great Lakes stockholders will receive about 2.2 shares of Crompton stock for each of their Great Lakes shares. The companies said that exchange was valued at $29.92 per share of Indianapolis-based Great Lakes. Along with the stock, Crompton also will assume about $250 million in Great Lakes debt.
Crompton Corporation (www.cromptoncorp.com), with 2004 sales of $2.5 billion, is a producer and marketer of specialty chemicals and polymer products. It has manufacturing facilities worldwide, including European plants in Belgium, Germany, Italy, the Netherlands and Britain.