08 January 2009 21:25 [Source: ICIS news]
HOUSTON (ICIS news)--The European Commission has cleared the way for Dow Chemical’s pending acquisition of Rohm and Haas, the companies said on Thursday.
“The European Commission has determined that the pending acquisition of Rohm and Haas by the Dow Chemical Company …does not contravene EC competition law,” Rohm and Haas said in a statement. “With this decision, the transaction has obtained all necessary approvals in ?xml:namespace>
Dow announced plans last year to acquire Rohm and Haas for $18.8bn (€13.9bn), but prospects for the deal were clouded by the collapse of Dow’s planned K-Dow joint with
Dow would have received $7.5bn in cash from PIC, as well as a $1.5bn cash distribution from K-Dow upon completion.
Dow is pursuing legal options against PIC for pulling out of the venture.
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