Today Chemtura's board of directors announced that "after thoroughly
exploring a potential sale, merger or other business combination
involving the entire company, it has concluded that shareholders'
interests will be best served by continuing to operate as a stand-alone
company and focusing on its own growth and efficiency initiatives."
Blackstone Group LP and Apollo Management LP were in talks to acquire chemicals group Chemtura. However,
a valuation and terms of a sale proved difficult to agree upon amidst tight credit markets and Chemtura's own weak earnings.Chemtura
had been pruning its business. In January, the company unveiled plans
to sell its oleochemicals group to PMC Group North America Inc.; in
December the company sold a fungicide product line to American Vanguard
Corp.; and in November, Chemtura sold its optical monomers business to
Acomon AG, an affiliate of Munich private equity firm Auctus
Management Gmbh & Co. KG.
- Maria WoehrPE firms linked to Chemtura
