View Cart (0 items)

Dow and Rohm & Haas reach agreement again

March 10, 2009
/ Print / Reprints /
| Share More
/ Text Size+
MIDLAND, MI — After more than a month-long stall in deliberations, Dow Chemical Company has once again agreed to acquire specialty chemical manufacturer Rohm & Haas for the original price of $15.3 billion in cash, according to The Philadelphia Inquirer.
The agreement was reached after Haas trusts in Philadelphia and hedge-fund operator John Paulson, the two largest shareholders in Rohm & Haas, put up $3 billion to help close the deal, the story stated.
The settlement says the merger must close April 1, and also settles the lawsuit Rohm & Haas filed in Delaware''s Court of Chancery in late January seeking to force Dow Chemical to honor its July merger agreement, the story noted.
Dow chief executive Andrew Liveris said: "The next three weeks will have to drive how we put this together. [We are] relooking at how we put this model together because of the new reality [of a bad economy]."
Dow announced that it would cut an additional 3,500 jobs from the combined corporate entity and close research labs and plants, the story added.
Click here, here, here and here for previous CM e-News Daily™ coverage of this topic.
Click here to read the complete article.
For related information, click here.
You must login or register in order to post a comment.