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Services :: Financial
Chemical Finance Digest, Jan. 23-27
3:43 PM MST | January 30, 2012 | Vincent Valk
Topping the headlines last week, Eastman Chemical will acquire Solutia for $4.7 billion in cash and stock, including assumed debt. The $27.65/share deal values Solutia at a 42% premium over its closing price on January 26. Eastman expects to issue $3.5 billion in debt to finance the deal, along with $700 million in new stock to Solutia shareholders. The combined company will have revenues of about $9 billion/year. Fourth-quarter earnings reports were mixed at diversified and commodity chemical firms, while specialties companies generally beat estimates...
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