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Chemical Week Magazine :: Viewpoint

A Jewel in the Crown

11:21 AM MDT | July 14, 2008 | Robert Westervelt Robw@Chemweek.Com

Dow Chemical’s quick strike to acquire Rohm and Haas (R&H) for $18.8 billion demonstrates that attractive assets can still draw strong prices even in turbulent times. The appeal of R&H’s portfolio outweighed concerns about the near-term economic or industry outlook. Dow approached R&H with a formal bid in mid-June, prompting R&H to launch an auction that drew bids from BASF and Dow (p. 7). Dow is paying a hefty 74% premium to R&H’s closing share price on July 9, reflecting its importance to Dow. “Rohm and Haas shares...

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