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US/Belgium: Belgium’s Solvay to buy US chemicals firm Cytec for $5.5 billion

By  |  July 29, 2015

Solvay SA, the Belgian maker of chemicals and plastics, will acquire Cytec Industries Inc for $5.5 billion to emerge as the world’s second-largest producer of aerospace composite materials.

The $75.25 per-share deal reflects a almost 29% premium on Cytec’s closing price Tuesday.

The company said its speciality materials and chemicals businesses gained, but demand declined substantially for chemicals used in the oil and gas sector.

Solvay has bridge financing for the transaction, and it plans a 1.5 billion-euro rights issue.

Full content: Bloomberg

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