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Eastman to Acquire Solutia

May 30/2012

(eastman) -- Eastman Chemical Company and Solutia Inc. announced that they have entered into a definitive agreement, under which Eastman will acquire Solutia, a global leader in performance materials and specialty chemicals. Under the terms of the agreement, Solutia stockholders will receive USD22.00 in cash and 0.12 shares of Eastman common stock for each share of Solutia common stock.

Based on yesterdays closing prices, Solutia shareholders will receive cash and stock valued at USD27.65 per Solutia common share, representing a premium of 42 percent and a total transaction value of approximately USD4.7 billion, including the assumption of Solutias debt.

"The acquisition of Solutia is a significant step in our growth strategy and one that I am confident will strengthen Eastman as a top-tier specialty chemical company with strong, stable margins," said Jim Rogers, chairman and chief executive officer of Eastman.

"This transaction is also expected to deliver immediate value to our stockholders in the form of accretion and strong cash generation, as well as create potential upside through the combination of two leading global chemical companies," said Rogers.



mrcplast.com
Author:Anna Larionova
Tags:PVC, ethylene, Eastman Chemical, Solutia Inc..
Category:General News
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