A. Schulman shareholders approve merger with LyondellBasell
The transaction still requires regulatory approvals in the European Union, Russia, and from the Committee on Foreign Investment in the U.S.
Shareholders in material supplier A. Schulman Inc. have voted to approve the company’s merger with global chemical supplier LyondellBasell.
In a June 14 news release, Schulman announced its stockholders will receive US$42 per share upon completion of the merger, which is targeted for the third quarter of this year. The transaction still requires regulatory approvals in the European Union, Russia, and from the Committee on Foreign Investment in the U.S.
“A. Schulman shareholders have solidly affirmed the value that the company’s merger with LyondellBasell represents,” said Joseph M. Gingo, Schulman’s chairman, president, and CEO. “This outcome serves the best interests of all our stakeholders including our customers, suppliers, employees and the communities in which we operate.”
Headquartered in Fairlawn, Ohio, Schulman supplies plastic compounds, composites and resins.
Houston-based LyondellBasell is the world’s seventh largest manufacturer of chemicals.
The deal between the two companies is valued at more than US$2 billion.