Dow confirms Rohm and Haas talks
06 March 2009 18:49 [Source: ICIS news]
HOUSTON (ICIS news)--Dow Chemical confirmed on Friday that it is in talks with Rohm and Haas over their $18.8bn (€15bn) merger and upcoming trial.
Neither company would comment further on the talks, Dow said.
Rohm and Haas sued Dow in Delaware Chancery Court after Dow missed a 27 January deadline to close on the merger. The trial starts on Monday.
Dow's confirmation follows a report from CNBC, which said that the two sides were in settlement talks.
The companies were considering a proposal from two Rohm and Haas shareholders, the Haas Family Trust and Paulson & Co, CNBC reported. Under the proposal, the shareholders would invest their proceeds from the merger into Dow.
Stocks for both companies spiked following reports of the discussions.
Dow was trading at at $7.02/share as of 13:01 hours New York time (18:01 GMT) on the New York Stock Exchange, up 8.42%. Rohm and Haas was trading at $62.46, up 15.65%.
($1 = €0.80)
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By: Al Greenwood
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