Proposed Rohm and Haas acquisition deal approved by EC; yet to receive U.S. FTC approval

09-Jan-09
The yet-to-complete US$15.3 bln acquisition of specialty chemical maker Rohm and Haas by American chemical major Dow Chemical Co has been given a green signal by the European Commission (EC). As per a release posted by Rohm and Haas, EC has determined that the deal does not infringe EC competition law thereby making certain receipt of all mandatory approvals in Europe. However, the only remaining regulatory approval necessary for the transaction to close is that of the U.S. Federal Trade Commission, the statement said. The recent cancellation of US$17.4 bln Dow-Kuwait joint venture agreement has created concerns over acquisition deal with Rohm and Haas as the Kuwait's Petrochemical Industries Co (PIC) was to pay US$7.5 bln to Dow as per terms of the agreement. Should Rohm and Haas' acquisition is not closed by stipulated Jan. 10, Dow will need to pay a US$100 mln "ticking fee" per month for delay thereafter, as per the terms of deal.
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