IRS approves favorable tax treatment for PPG spin-off

PPG Industries recently received a favorable private letter ruling from the US Internal Revenue Service (IRS) regarding how the planned merger of its commodity chemicals business into Georgia Gulf would be treated for tax purposes. The deal was announced last July. The receipt of the ruling was a closing condition of the transaction. PPG now intends to commence its exchange offer to split off its commodity chemicals business, with the closing of merger expected to occur by the end of this month. Under terms of the agreement, PPG shareholders will own...

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