21 December 2012 14:13 [Source: ICIS news]
The companies said that PPG received a “favourable private letter ruling” from US tax authorities regarding the tax effects of the separation of its commodity chemicals business and its subsequent merger with that of
That ruling, which allows for the merger to be structured as a “Reverse Morris Trust” under
In a next step, PPG now intends to commence its exchange offer to split off its commodity chemicals business, with the closing of the exchange offer and merger expected to occur in late January 2013.
($1 = €0.76)
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