Shearman & Sterling represented The Dow Chemical Company in the sale by Rohm & Haas, its wholly owned subsidiary, of Morton International, Inc. to K+S Aktiengesellschaft in a transaction valued at $1.675 billion. Proceeds are subject to customary post-closing adjustments. The Morton Salt divestiture is not subject to a financing condition. The transaction is subject to customary closing conditions, including regulatory approval, and is expected to close in mid-2009. The sale of Morton Salt was announced on the same day as the completion of the acquisition by Dow of Rohm & Haas.

Dow is a diversified chemical company with annual sales of $58 billion and 46,000 employees worldwide. The company delivers a broad range of products and services to customers in around 160 countries, connecting chemistry and innovation with the principles of sustainability to help provide everything from fresh water, food and pharmaceuticals to paints, packaging and personal care products. K+S is one of the world’s leading suppliers of specialty and standard fertilizers, plant care and salt products, and a German DAX 30 Company.

The Shearman & Sterling team was led by partner George Casey (New York-Mergers & Acquisitions) and counsel Daniel Litowitz (New York, Mergers & Acquisitions). The other members of the Shearman & Sterling team included partners Doreen Lilienfeld (New York-Executive Compensation & Employee Benefits) and Douglas McFadyen (New York-Tax), counsel Jason Pratt (New York-Property/Environmental) and associate Rory O'Halloran (New York-Mergers & Acquisitions).

For more information, please contact: Ron Brandsdorfer | New York | T +1.212.848.5081 |