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Business
Eastman Nears Close Of Solutia Purchase
by Marc S. Reisch
June 4, 2012
| A version of this story appeared in
Volume 90, Issue 23
The European Commission has cleared Eastman Chemical’s pending $4.7 billion acquisition of Solutia after concluding that the transaction does not raise competition concerns in Europe. Solutia says the commision’s approval is the last antitrust clearance required, and it expects the deal to be completed in the first week of July. Announced in January, the merger will combine the two U.S. chemical makers to create a firm with about $9.3 billion in annual sales. Eastman earlier said the combined company will realize $100 million in annual cost savings.
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