Brussels, Belgium – 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.