Eastman Chemical buying Solutia for about $3.38B
KINGSPORT, Tenn. (AP) - Specialty chemical company Eastman Chemical Co. is buying Solutia Inc. in a cash-and-stock deal valued at about $3.38 billion to broaden its presence into emerging markets and expand its product offerings.
The companies value the deal, including debt, at about $4.7 billion.
Solutia shareholders will receive $22 in cash and 0.12 shares of Eastman stock for each share of Solutia that they own. Based on Thursday's closing prices, Solutia shareholders will receive cash and stock valued at $27.65 per Solutia share, a 42 percent premium to the company's closing price.
Eastman expects 2012 earnings of about $5 per share, excluding acqui
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