Jones Day Backs Eastman In $4.7B Deal To Buy Solutia

Law360, New York (January 27, 2012, 11:39 AM EST) -- Eastman Chemical Co. has struck a deal to buy specialty chemical maker Solutia Inc. in a cash-heavy, $4.7 billion acquisition that will punch Eastman's ticket to capitalize on China's automotive- and consumer-industry growth, the companies said Friday.

Kingsport, Tenn.-based Eastman said it will pay $22 in cash and .12 shares of its stock — about $3.4 billion — for all of St. Louis-headquartered Solutia's shares in a deal worth $4.7 billion when Solutia's $1.3 billion debt is added in.

The deal was announced the same day...
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