PPG to Merge Commodity Chemicals with Georqia Gulf

摘要

PPG Industries has agreed to merge its commodity chemicals business with Georgia Gulf in a deal valued at $2.1 billion. The deal calls for PPG's commodity business to be distributed to PPG shareholders through a tax-free spinoff. The separated business would then immediately merge with Georgia Gulf. PPG shareholders will own 50.5% of the shares of Georgia Gulf; existing Georgia Gulf shareholders will own approximately 49.5%. The deal comes just two months after Westlake Chemical abandoned a $1.3-billion unsolicited bid to buy Georgia Gulf (CW, May 14, p. 7).