Dow Chemical to acquire Union Carbide for 41.4 times revenue

From: Weekly Corporate Growth Report | Date: August 9, 1999| Author: | Copyright information

The Deal: The Dow Chemical Co. has agreed to acquire its long-time rival the Union Carbide Corp. for $11.2 billion and the assumption of $2.3 billion in debt. The acquisition combines two of the chemicals industry's most technologically advanced companies and creates the second-largest chemicals company in the world. The combined company expects annual cost savings of $500 million. Union Carbide shareholders will receive 0.537 shares of Dow for each share of Union Carbide. On the news, Union Carbide rose $10.5625, or 21.6%, to $59.375/share. Dow fell $6.0625, or 5.0%, to $118.625/share.

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