Cytec Industries shareholders have approved Solvay's $6.4-billion takeover. Cytec expects the deal to close in December pending the satisfaction or waiver of the remaining closing conditions, including US national security reviews and approvals. Cytec and Solvay are working with the US Department of Defense Security Service (DSS) on a detailed foreign ownership, control, or influence (FOCI) mitigation agreement, Cytec says. Written approval from DSS to operate Cytec's business pursuant to a FOCI mitigation arrangement is a closing condition for the deal. The deal has cleared the US antitrust review waiting period; filings with respect to foreign antitrust or competition laws have been completed; and the conditions related to closing in Israel, Mexico, South Korea, Turkey, and Ukraine have been satisfied, Cytec says.
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