l Dow Chemical Co., the biggest U.S. chemical maker, agreed to buy Rohm & Haas Co. for about $18.8 billion, reducing its dependence on petroleum-based commodity chemicals and increasing sales of more profitable products. Rohm & Haas investors will receive $78 in cash for each share they hold. Financing includes equity investments of $3 billion by Berkshire Hathaway Inc. and $1 billion by the Kuwait Investment Authority.
Chief Executive Officer Andrew Liveris said the acquisition will reduce Dow’s dependence on swings in the petroleum market and transform it into a more specialized, faster-growing company. Rohm & Haas, based in Philadelphia, produces acrylic paint ingredients and also makes chemicals used in adhesives, packaging materials and personal care products.