October 3, 2018 / 12:30 PM / a year ago

Elementis investors approve Mondo Minerals takeover

(Reuters) - British specialty chemicals company Elementis (ELM.L) said on Wednesday that its investors approved its deal to buy Amsterdam-based Mondo Minerals, after initial criticism had forced it to slash the offer price by $100 million.

Elementis, which announced the deal in June, said 97.86 percent votes cast at its general meeting backed the deal.

Elementis cut its initial offer to buy the company, which makes industrial talc additives, from U.S. private equity firm Advent in September to $500 million.

Mondo makes industrial talc additives used to strengthen plastics, provide corrosion resistance to coatings, an oxygen barrier to food packaging and UV protection to cosmetics.

Elementis said in September that the revised deal had received strong support from its top shareholders including Threadneedle Asset Management and APG Asset Management.

Reporting by Tanishaa Nadkar in Bengaluru; editing by Jason Neely

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