Solstice and Element Solutions Terminate $14.5 Billion Merger

M&A · PartnershipCorporate Action
โดย Reuters·US·Read original
Summary · why it matters

Solstice Advanced Materials and Element Solutions have mutually agreed to terminate their $14.5 billion merger agreement, citing shareholder feedback favoring independence, with no termination fee. Solstice's board authorized its first-ever buyback of up to $500 million and reaffirmed its raised guidance, while Element's chairman noted investors valued its management and portfolio. The deal, announced in July, would have combined Solstice's refrigerants and specialty materials with Element's electronics chemicals, but Solstice shares had fallen on the announcement. Solstice's second-quarter net sales rose 11% to $1.148 billion, and Element's record net sales increased 56% to $978 million. Both companies now forgo potential synergies of over $180 million annually, and Element loses its takeover premium of about $50.10 per share.

Impact on stocks 5

Artificial Intelligence▲ · 2 stocks
Semiconductors▼ · 1 stocks
Element Solutions Inc
ESI
▼ NegativeCapitalrelevance

Element Solutions' $14.5B merger with Solstice is terminated, costing it the ~$50.10/share takeover premium and over $180M in potential annual synergies.

Critical Materials & Supply Chain▲ · 1 stocks
Solstice Advanced Materials, Inc
SOLS
▲ PositiveCapitalrelevance

Solstice terminates the merger to stay independent, authorizes a first-ever $500M buyback, and reaffirms raised guidance.

Smart City / Autonomous Infrastructure▲ · 1 stocks
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