Today the European Commission approved the US$1.275 billion acquisition of a number of chemical businesses held by Rockwood Specialties Group, Inc. (NYSE: ROC) by Shearman & Sterling client Huntsman Corporation (NYSE:HUN) after an in-depth Phase II investigation. The European Commission’s conditional clearance follows Huntsman Corporation entering into an agreement to sell its TR52 ink grade business to Henan Billions Chemicals Co., Ltd.
The acquisition of the Rockwood businesses by Huntsman includes the Titanium Dioxide Pigments, Color Pigments & Services, Timber Treatment Chemicals, Rubber/Thermoplastics Compounding, and Water Chemistry business and is expected to close in late September or early October. The transaction with Henan is expected to close shortly after the European Commission’s approval of the buyer.
Shearman & Sterling was brought in following the opening of the Phase II investigation. The team successfully limited the scope of the remedy to intangible assets thereby preserving Huntsman’s current production facilities.