Lanxess AG agreed to buy U.S. competitor Chemtura Corp. (NYSE: CHMT) for about $2.1 billion in cash, more than doubling the size of its additives business and accelerating a shift towards specialty chemicals.

Shareholders of the maker of lubricant additives and flame retardants will get $33.50 a share under the terms of deal, Cologne, Germany-based Lanxess said in a statement. The offer is 19 percent higher than Philadelphia-based Chemtura’s close at $28.18 on Sept. 23.

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