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Dow Chemical sells Morton Salt to Germany''s K+S

April 06, 2009
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The Associated Press reports that Dow Chemical Co. will sell Morton Salt to German fertilizer maker K+S Aktiengesellschaft in a deal valued at $1.675 billion. The sale is part of Dow''s plan to sell off non-core Rohm & Haas assets to pay down the hefty debt it had to take on to complete the purchase of the chemical maker. Dow said the Morton Salt divestiture is expected to close in mid-2009. The company said that the sale, together with prior actions such as slashing its dividend and negotiating better terms on its bridge loan, would trim Dow''s bridge loan debt to about $7.5 billion from $13 billion. Dow said it has now almost replaced the $7.5 billion cash shortfall created by the failure of its Kuwaiti joint venture transaction to close.
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