Albemarle, Rockwood merge specialty chemicals

Albemarle announced today that it has completed its acquisition of Rockwood Holdings, pursuant to the terms of their previously-announced merger agreement in July 2014.

"Today is a great day for Albemarle as we welcome our new employees and join forces to create a premier specialty chemicals company," said Luke Kissam, Albemarle's president and CEO. 

"Our combined world-class team, expanded customer reach and increased diversity across end markets, technologies and geographies positions Albemarle to drive long-term growth and produce great results for our employees, customers, shareholders and the communities in which we operate," he added. "We look forward to the future."

Under the terms of the agreement, Rockwood has become a wholly-owned subsidiary of Albemarle and each previously outstanding share of Rockwood common stock (other than shares with respect to which appraisal rights were exercised and not withdrawn) has been converted into the right to receive $50.65 in cash, without interest, and 0.4803 of a newly issued share of Albemarle common stock.

As a result of the completion of the transaction, Rockwood shares will cease trading on and will be delisted from the New York Stock Exchange. Wells Fargo, the exchange agent for the transaction, will be communicating with the record holders of Rockwood stock with instructions as to how to exchange their Rockwood shares.

BofA Merrill Lynch acted as financial advisor to Albemarle, and Shearman & Sterling LLP, Troutman Sanders LLP, and Kelley Drye & Warren LLP acted as its legal advisors.  

Lazard Freres & Co. and Citigroup Global Markets acted as financial advisors to Rockwood, and Simpson Thacher & Bartlett LLP acted as its legal advisor.