Chemtura Corp (CHMT.N) plans to sell its agrochemicals business to Platform Specialty Products Corp (PAH.N) for about $1 billion, the Wall Street Journal reported, citing people familiar with the matter.
The two specialty chemicals companies, each with a market value of about $2.4 billion, plan to announce the deal on Thursday, the newspaper said. (r.reuters.com/fyz58v)
The deal will be paid for with $950 million in cash and 2 million Platform shares, the Journal said.
Chemtura's agrochemicals unit sells chemicals-based products such as insecticides and growth regulators.
Chemtura and Platform Specialty were not immediately available for comment outside regular U.S. business hours.
(Reporting by Supriya Kurane in Bangalore; Editing by Gopakumar Warrier)