Rohm and Haas begins $2B buyback

Business Materials 12 September 2007 02:55 (UTC +04:00)

Rohm and Haas Co. moved forward with its previously announced $2 billion accelerated share buyback program, acquiring $1 billion of its outstanding common stock from Goldman Sachs & Co., Rohm said.

The Philadelphia chemical company announced July 16 that its board authorized the buyback program. Under the agreement with Goldman Sachs, Goldman Sachs will return 16.2 million shares at a price of $55.59 to Rohm Tuesday. The Goldman Sachs buyback will be funded with proceeds from an issuance Tuesday of long-term debt. The company intends to repurchase the remaining $1 billion of the authorization between next year and 2010. These purchases will be funded from available cash. ( bizjournals.com )