MIDLAND, MI – In a deal that went down to the wire, Dow Chemical Co. will purchase Rohm & Haas for just over $15 billion. The two companies reached the agreement on the day they were scheduled to go to court over the delayed merger.
Rohm’s two biggest shareholders, the Haas family trust and Paulson & Co., chipped in $3 billion to help close the deal that must be final by April 1.

Dow is looking to cut costs an additional $400 million more than previously estimated. It is also reconsidering its initial promise to keep Rohm & Haas intact in Philadelphia, according to Andrew Liveris, CEO. There are plans to sell Rohm’s Morton salt division and to cut a total of 3,500 jobs from the combined corporate entity.
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