ST. LOUIS (June 1, 12:15 p.m. ET) — Solutia Inc. said the European Commission has cleared the proposed merger of Solutia and Eastman Chemical Co. under the EC Merger Regulation.
Solutia also said it has scheduled a meeting with shareholders June 29 to seek formal permission for the merger.
The transaction has already been cleared by the U.S., 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 Jan. 27, Solutia stockholders will receive $22 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.