- The Washington Times - Wednesday, April 1, 2009

MIDLAND, MICH. (AP) - Dow Chemical says it closed its $16.5 billion buyout of Rohm & Haas.

The deal, first announced last July, will allow Dow to grow in the high-margin specialty chemicals market and move away from the commodities chemical market.

Dow had tried to delay the deal earlier this year, a decision that led Rohm & Haas to sue in a Delaware court. Both companies settled just before the trial was set to start last month.

Rohm & Haas will form the core of a new advanced materials unit, Dow said.

Midland, Mich.-based Dow expects the deal to result in cost savings of about $1.3 billion.

Shares of Dow rose 38 cents, or 4.5 percent, to $8.81. Rohm & Haas, which will cease trading after Wednesday, rose 11 cents to $78.95.

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