Dow Chemical, Rohm & Haas confirm FTC clearance

By Jennifer Chiou

New York, Jan. 23 - Dow Chemical Co. and Rohm & Haas Co. announced that the U.S. Federal Trade Commission has voted to accept a consent decree for Dow Chemical's proposed acquisition of Rohm & Haas.

The companies stated that they are discussing the closing of the transaction.

On Jan. 9, the European Commission granted its approval for the acquisition. According to the commission, its investigation focused on the companies' overlap in crude acrylic acid and its derivatives and ion exchange resins.

The commission previously determined that the combined company would continue to have "a number of effective competitors at each point in the value chain where crude acrylic acid and its derivatives are used" and the merger would not be harmful for exchange resin customers.

It was previously reported that Dow Chemical, a diversified chemical company based in Midland, Mich., agreed in July to acquire the specialty materials company for $78 per share in cash, or approximately $15.2 billion.

The merger is expected to close in early 2009, a previous Rohm & Haas news release said.

Rohm & Haas shareholders approved the transaction in October.

Following the merger, Rohm & Haas will retain its name and headquarters location in Philadelphia.

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