Chemicals maker Albemarle Corp said it would purchase rival Rockwood Holdings Inc for $6.2 billion to bulk up its lucrative specialty chemical offerings.The combined company will have leading positions across four high-margin businesses - lithium-based battery products, refinery catalysts, bromine and surface treatment products, the companies said.Rockwood shareholders will get $50.65 in cash and 0.4803 Albemarle shares for each share they own.The offer translates to $85.53 per share, a 13 percent premium to Rockwood's Monday closing price.
Albemarle Corporation (Albemarle) is a developer, manufacturer and marketer of specialty chemicals, which meet customer needs across a range of end markets, including the petroleum refining, consumer electronics, plastics/packaging, construction, automotive, lubricants, pharmaceuticals, crop protection, food-safety and custom chemistry services markets. Shares of ALB traded higher by 0.86% or $0.62/share to $72.62. In the past year, the shares have traded as low as $60.16 and as high as $72.79. On average, 481231 shares of ALB exchange hands on a given day and today's volume is recorded at 478040.
Rockwood Holdings, Inc. (Rockwood) is a developer, manufacturer and marketer of specialty chemicals and advanced materials used for industrial and commercial purposes. Shares of ROC traded higher by 0.28% or $0.21/share to $75.70. In the past year, the shares have traded as low as $62.37 and as high as $82.00. On average, 857139 shares of ROC exchange hands on a given day and today's volume is recorded at 352446.
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