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Solvay to fly into aerospace composites with Cytec purchase

Jul 30, 2015 - The Deal Pipeline

Brussels-based chemicals maker Solvay SA announced an agreement on Wednesday to buy Woodland Park, N.J.-based Cytec Industries Inc. (CYT) for an enterprise value of $6.4 billion.

Solvay will pay Cytec shareholders $75.25 a share in cash, or 28.9% more than the target's Tuesday closing price in New York. On Wednesday morning in Brussels, Solvay shares were up 3.1% at Euro128 on the Euronext exchange, for a market value of around Euro10.8 billion ($11.9 billion). Cytec has a market capitaliz...