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Business Briefing / Chemicals

Dow in talks to finalize buyout

January 24, 2009|Times Wire Reports

Dow Chemical Co. is in talks with Rohm & Haas Co. to close its proposed $15.4-billion buyout of the specialty chemicals maker after federal regulators approved the deal, both companies said.

Approval by the Federal Trade Commission was the last regulatory hurdle after the European Commission signed off earlier this month. The FTC said Dow must sell facilities in six states to assuage antitrust concerns.

Philadelphia-based Rohm & Haas said that according to the agreement the acquisition must close by Tuesday.

However, news that the companies are "discussing" the closing -- rather than completing it -- "gives the indication they're not going to close" by then, said Jefferies & Co. analyst Andy Baker.

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