Westlake Chemical Corp. (NYSE: WLK) agreed to acquire Axiall Corp. (NYSE: AXLL)  for about $2.4 billion, burying the hatchet after a five-month takeover contest to become the second largest North American producer of vinyl products used in pipe, siding and decks.

Houston-based Westlake agreed to pay $33 a share in cash, the companies said in a statement Friday. The deal is valued at $3.8 billion including the assumption of debt. The transaction, which is subject to approval by Axiall shareholders and antitrust regulators, is expected to close by the fourth quarter, the companies said.

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