MOSCOW (MRC) -- Cytec shareholders have given a 99.3% vote in favour of the proposed acquisition by Belgium-headquartered chemicals giant Solvay, said the producer on its site.
At a special meeting in the US shareholders of Cytec Industries overwhelmingly voted in favour of the proposed acquisition for USD75.25 (GBP49.91) per share in cash, announced on 29 July.
Solvay shareholders voted recently to authorise the company to proceed with a rights issue of a maximum of EUR1.5bn (GBP1.06bn) to finance the buyout.
Meanwhile, Solvay said it was committed to reducing its carbon footprint by 40% through to 2025.
Solvay chief executive Jean-Pierre Clamadieu said: "At Solvay we are driven by trust in progress, promoting science and the on-going concern for responsibility. The challenge of more sustainable development is just as much an opportunity for us to invent tomorrow's world."
As MRC informed earlier, in July 2015, Solvay announced its intent to acquire Cytec for a purchase price of USD5.5 billion.
Cytec Industries Incorporated, based in Woodland Park, New Jersey is a speciality chemicals and materials technology company with pro-forma sales in 2004, including the Surface Specialties acquisition, of approximately USD3.0 billion. Cytec is a result of its spin-off from American Cyanamid Company. It makes resins, plastics, and composite materials, especially for the aerospace industry and other users of specialty materials.
MRC