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Chemical Finance Digest, July 23
3:09 PM MDT | July 23, 2012 | Vincent Valk
Topping the headlines last week, PPG is merging its commodity chemicals business with Georgia Gulf in a deal worth $2.1 billion. The deal will spin off PPG’s commodities business and then immediately merge it with Georgia Gulf, with PPG shareholders owning 50.5% of the combined company in the form of shares valued at $1 billion. PPG itself will get a $900 million cash payment. In other M&A news, Cytec has closed on its $439 million acquisition of Umeco. Early earnings at chemical companies were mixed in the face of lowered expectations...
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