German chemicals firm Lanxess to buy US rival for 2.4b euros

German speciality chemicals maker Lanxess has said Monday it plans to buy US rival Chemtura for 2.4 billion euros ($2.7 billion) in its push to become a global leader in the growing additives business.

Lanxess said it was particularly drawn to Chemtura's "competitive position" in the market for industrial lubricants, which are used in power generation and aviation, as well as its role as a major provider of flame retardant additives.

The deal, which marks Lanxess's largest acquisition to date, will see the German firm pay Chemtura $33.50 per share, nearly 19 percent more than the American company's closing price on Friday.