Law360: DL Unit’s US$2.5B Deal For Kraton Gets US Merger Approval

DL Chemical’s US$2.5 billion acquisition of Houston-based Kraton Corp., a pinewood-derived adhesives and coatings manufacturer, has been approved by the Committee on Foreign Investment in the United States (CFIUS). DL Chemical, a South-Korean-based petrochemical company, plans to purchase Kraton in an all-cash transaction at US$46.50 per share of common stock. The merger was announced in September and has cleared the waiting period of the Hart-Scott-Rodino Act, which gives US antitrust agencies 30 days to review the proposed transaction before it can close. The deal still needs to gain antitrust clearance from outside the US and a vote of approval from Kraton’s stockholders, but is expected to close in the first half of 2022. O’Melveny & Myers LLP serves as legal counsel to DL Chemical.

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