Solutia’s acquisition of Flexsys is permitted by court

Brussels – A US bankruptcy court has permitted the $212.5 million acquisition of Flexsys by Solutia Inc. Solutia put in a bid to buy out its 50-50 partner in the Flexsys business, Akzo Nobel NV last December, but the deal was put into question due to Solutia’s reorganisation under its Chapter 11 bankruptcy plan, filed in February 2006.

A US Bankruptcy court has now given permission for the acquisition, and Solutia has also received permission to buy Akzo out of their Crystex joint venture…

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