The Antitrust Clearance Was the Easy Part
The FTC granted early termination on the $14.5 billion Solstice acquisition of Element Solutions on August 12. Both boards killed the deal fifteen days later, with no break fee either way and a $500 million buyback in its place. Plus a bromine producer running 16% of its plant into a 34% price rise, two finished TRISO plants waiting on a licence, and an eighth straight sweep with nothing closed.
The government signed off on the largest specialty-chemicals deal in years, and then the buyers changed their minds.
The FTC granted early termination on Solstice Advanced Materials' acquisition of Element Solutions on August 12, transaction number 20261888. On August 27 both boards agreed to terminate the merger agreement.
Nobody paid anybody a cent to walk away.
"When the regulator is not what stops a chemicals deal, what does, and what does it leave standing?"
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