Dow acquires Rohm and Haas for $18.8 bln

New Delhi, Jul 11 (UNI) Dow today said it has acquired all outsanding shares of Rohm and Haas for about 18.8 billion dollars in an all-cash deal.

As part of a definitive agreement, Dow will acquire all outstanding shares of Rohm and Haas common stock for 78 dollars per share in cash making Dow a leading specialty chemicals and advanced materials company, a statement said.

Last December, Dow had announced a joint venture with Kuwait-based Petrochemical Industries Company.

Financing for the acquisition includes an equity investment by Berkshire Hathaway and the Kuwait Investment Authority in the form of convertible preferred securities for three billion dollars and one billion dollars respectively.

Debt financing has been committed by Citi, Merrill Lynch and Morgan Stanley, who acted as financial advisors on the transaction.

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