Rohm and Haas shares surge 65% on Dow deal

10 July 2008 14:59  [Source: ICIS news]

LONDON (ICIS news)--Rohm and Haas’ shares surged 65% on the New York stock exchange on Thursday following news of a takeover by Dow Chemical.

The US-based specialty maker’s shares stood at $73.92 at 09:40 local time (13:40 GMT), up from Wednesday’s close at $44.83.

At the same time, Dow’s share price fell by a mere 1.88% to $33.32.

Dow said on Thursday that it would buy Rohm and Haas for $18.8bn in what it describes as a “game changing move”.

The US chemicals major will pay $78/share for the Philadelphia-based company and contribute its coatings, biocides and personal care operations to the deal to create a $13bn (€8.3bn) turnover business.

($1 = €0.64)

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By: Hilde Ovrebekk
+44 20 8652 3214

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