FTC Backs Ashland's $3.2B Chemical Maker Buy

Law360, New York (June 30, 2011, 5:31 PM EDT) -- The Federal Trade Commission on Wednesday approved Ashland Inc.'s $3.2 billion acquisition of fellow specialty chemical company International Specialty Products Inc., after finding no antitrust issue with the pair's union.

In backing the deal, the FTC granted early termination of its premerger waiting period of 30 days.

Covington, Ky.-based Ashland announced May 31 that it would pay $3.2 billion in cash for the privately held, New Jersey-based International Specialty Products, which has $360 million in yearly adjusted earnings.

Ashland's stock jumped with the announcement that the...
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