Crompton Corp. and Great Lakes Chemical Corp. received formal clearance from the European Commission June 15 for their proposed merger. The $1.8 billion deal now awaits votes by shareholders of both companies on July 1.
The companies first announced their agreement on March 9, and in April completed the waiting period during which U.S. regulators would have had to state any objection. Last weeks nod from across the Atlantic means the merger has cleared any hurdles related to effects on competition.
Crompton and Great Lakes have already announced that the merged company will be renamed Chemtura Corp. With annual sales of $4.1 billion – based on pro forma revenues in 2004 – the new company will be one of the worlds largest suppliers of chemicals to the lubricants industry.
Crompton is based in Middlebury, Conn., Great Lakes in West Lafayette, Ind.