The specialty chemical company Solutia said Friday that its shareholders have agreed to be bought by Eastman Chemical Co.
The deal, worth roughly $3.4 billion, was first announced in January. Owners of Solutia stock will get $22 along with 0.12 of a share in Eastman stock in exchange for each Solutia share. Of the shareholders who voted at a special meeting this week, nearly 99 percent approved the deal, according to a statement from Solutia.
Solutia Inc., which is based in St. Louis, said it expects the transaction will be wrapped up next week.
One reason Eastman Chemical targeted Solutia was to get access to faster-growing markets in Asia, especially China, according to reports. More than 30 percent of Solutia's sales came from the Asia Pacific region last year, according to the data provider FactSet.
In Friday midday trading, Eastman Chemical's stock jumped 3.9 percent, more than double one broad measure of the stock market, the Standard & Poor's 500 index. Eastman Chemical, based in Kingsport, Tenn., surged $1.89 to $50.02.
Solutia's stock rose 27 cents to $27.97.