Chemtura to consider possible sale, merger
18 December 2007 22:49 [Source: ICIS news]
HOUSTON (ICIS news)--Chemtura’s board of directors has authorised the company to consider a range of strategic alternatives including its possible sale or merger, the specialty chemicals producer said on Tuesday.
“Strategic alternatives to be considered may include, among others, select business divestitures, value-creating acquisitions, changes to the company's capital structure, or a possible sale, merger or other business combination involving the entire company,” the company said in a statement.
The board has formed a special committee of independent directors and has retained Merrill Lynch to act as its financial advisor, the company said.
“There can be no assurance that this review will result in any specific transaction,” the company said.
Citigroup recently reiterated its belief that Dow Chemical was in search for a specialties chemical acquisition and that Chemtura was among the companies that would provide an “OK fit” for Dow.
Chemtura on Monday announced it had appointed Robert Wedinger as chief business officer and said last week it had formed the office of the chairman to improve organisational capacity and decision making.
The company said it had 2006 sales of $3.5bn (€2.4bn). Chemtura shares on the New York Stock Exchange were trading on Tuesday afternoon at $7.12, down six cents.
($1.00 = €0.68)
By: Brian Ford
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