Chemtura rules out selling company
26 June 2008 13:37 [Source: ICIS news]
TORONTO (ICIS news)--Chemtura has ruled out selling the company, the
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
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($1 = €0.64)
By: Stefan Baumgarten
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