Dow gets clearance to sell Morton to K+S, can now pay loan

28 September 2009 14:26  [Source: ICIS news]

LONDON (ICIS news)--Dow Chemical is expected to finalise the sale of its Morton Salt business to German fertilizer producer K+S for $1.68bn (€1.14bn) in the next few days and will then be able to fully pay off a bridge loan, the two companies said on Monday.

The US Federal Trade Commission (FTC) had consented to the transaction, the two companies said in a statement.

“The acceptance of the consent decree by the FTC clears the parties to close the acquisition by K+S of Morton International, the salt business of Rohm and Haas,” the statement added.

“Dow will use the $1.68bn in gross proceeds from the sale of Morton Salt to fully pay off the balance of a bridge loan Dow used to partially fund its acquisition of Rohm and Haas,” the statement added.

($1 = €0.68)

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