26 June 2008 13:37 [Source: ICIS news]
TORONTO (ICIS news)--Chemtura has ruled out selling the company, the ?xml:namespace>
The decision followed a review by a special committee of Chemtura’s board and advisor Merrill Lynch, started last December, to explore all strategic alternatives for the company, including its sale.
“After thoroughly exploring a potential sale, merger or other business combination involving the entire company, it [the committee] has concluded that shareholders' interests will be best served by continuing to operate as a stand-alone company and focusing on its own growth and efficiency initiatives,” Chemtura said.
The company’s board terminated discussions on a potential sale, merger or other business combination after determining that such discussions were unlikely at this time to result in an offer at a sufficiently attractive price, it added.
However, Chemtura would continue to consider other options, including the divestiture of businesses lines, value-creating acquisitions, joint ventures and changes in its capital structure, which could include a stock repurchase programme, it said.
Chemtura’s shares closed up 1.11%, at $8.18, on Wednesday in
To discuss issues facing the chemical industry go to ICIS connect
($1 = €0.64)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections