Chemical firm Chemtura’s shares rose almost 16 percent on Monday after accepting chemical maker Lanxess’ $2.5 billion buyout offer.
Germany-based Lanxess said it will pay shareholders of Chemtura $33.50 per share in cash.
Lanxess said it expects annual synergies of about 100 million euro (about $113 million) by 2020.
The deal was approved by the board of both companies. It is expected to close in mid-2017.
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