ERJ staff report (DS)
St Louis, Missouri - Solutia has written to its shareholders naming 29 June as the date of an extraordinary general meeting at which they will seek formal permission for the merger of Solutia with Eastman Chemical
Solutia also announced that the European Commission has cleared the proposed merger under the EC Merger Regulation. The transaction has already been cleared by the US, Chinese, South Korean and Ukrainian antitrust regulators. As a result of the receipt of the clearance from the European Commission, all antitrust clearances required to complete the proposed merger have been obtained.
Under the terms of the merger agreement with Eastman, which was announced on January 27, 2012, Solutia stockholders will receive $22.00 in cash and 0.12 shares of Eastman common stock for each share of Solutia common stock as consideration in the merger. The merger transaction is subject to the satisfaction or waiver of various closing conditions, including the approval of the merger agreement by Solutia stockholders.
Solutia continues to make insoluble sulphur, some rubber chemicals and some phenolic resins.
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Press release from Solutia