The US Federal Trade Commission has granted early termination of the Hart Scott Rodino waiting period on the pending sale of chemical producer Solutia“s resins, additives and adhesives businesses to …
The US Federal Trade Commission has granted early termination of the Hart Scott Rodino waiting period on the pending sale of chemical producer Solutia“s resins, additives and adhesives businesses to Belgian UCB S.A. Completion of the deal still depends on regulatory approval in the European Union, as well as other customary closing conditions. Solutia expects that the transaction will close early in 2003. Solutia, based in St. Louis, Missouri, had said it planned to pay down debt and save interest as a result of the deal. Approximately 1,700 employees in Solutia“s resins, additives and adhesives business are expected to be transferred to UCB.