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Business Briefing / Chemicals

Dow to complete Rohm buyout

March 10, 2009|Times Wire Reports

Dow Chemical Co. reached a tentative deal to complete its disputed $15-billion buyout of Rohm & Haas Co. The combined company will shed more jobs than originally planned and freeze salaries this year.

Rohm & Haas shareholders will still get $78 a share but not all of it in cash, a concession that allows Dow to take on billions less in debt than under the original terms.

Dow said it would cut 3,500 jobs on top of the 6,000 cuts previously announced.

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