27 January 2012 11:26 [Source: ICIS news]
LONDON (ICIS)--US headquartered Eastman Chemical had bid to acquire Solutia in a $27.65/share cash and stock offer valued at $4.7bn, the companies said on Friday.
The directors of both firms have supported the transaction which is subject to approval by US-based Solutia's shareholders. The acquisition would broaden geographical reach and accelerate growth, they said.
Completion is expected in mid 2012.
($1 = €0.76)
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