(Adds details from statement, shares)
April 17 Chemtura Corp struck a deal to
sell its agrichemicals business to rival Platform Specialty
Products Corp for about $1 billion as it transforms
itself into a pure-play industrial specialty chemical company.
The deal will be funded by $950 million in cash and the
issue of 2 million Platform shares.
The deal, expected to close in the second half of 2014, will
leave Chemtura with two businesses - one producing petroleum
additives and the other flame retardants.
Chemtura AgroSolutions, which sells seeds, insecticides,
herbicides and fungicides, generated revenue of $449 million and
adjusted EBITDA of $101 million in 2013.
The deal follows Platform's acquisition of privately held
specialty chemicals company MacDermid Group for $1.8 billion in
Platform counts hedge fund manager Bill Ackman among its
Platform shares closed at $19.66 on Wednesday on the New
York Stock Exchange, while Chemtura closed at $25.21.
(Reporting by Swetha Gopinath in Bangalore; Editing by Joyjeet
Das and Saumyadeb Chakrabarty)