Solvay welcomes Cytec’s shareholders approval for the proposed acquisition
Brussels, November 25th, 2015 --- Yesterday, at a special meeting at Woodland Park (New Jersey), the shareholders of Cytec Industries Inc. voted on a resolution to approve the proposed acquisition by Solvay. The resolution received the support of 99.3% of the votes cast.
Solvay announced the proposed acquisition of Cytec for US$ 75.25 per share in cash on July 29.
Solvay shareholders voted at an Extraordinary Meeting on November 17 to authorize the company to proceed with a rights issue of 1.5 billion euros maximum to finance this acquisition.
Solvay expects the closing of the acquisition before year-end. Preparations are in hand to ensure a rapid and smooth integration thereafter.
As an international chemical group, SOLVAY assists industries in finding and implementing ever more responsible and value-creating solutions. Solvay generates 90% of its net sales in activities where it is among the world's top three players. It serves many markets, varying from energy and the environment to automotive and aeronautics or electricity and electronics, with one goal: to raise the performance of its clients and improve society's quality of life. The group is headquartered in Brussels, employs about 26,000 people in 52 countries and generated 10.2 billion euros in net sales in 2014. Solvay SA (SOLB.BE) is listed on EURONEXT Brussels and EURONEXT Paris (Bloomberg: SOLB:BB - Reuters: SOLB.BR).