Shearman helps Dow go salt-free

Dow Chemical Co. closed its $15 billion acquisition of Rohm and Haas Co. on April 1 and a day later announced it had agreed to sell Morton International Inc., producer of the famous table salt, to K+S AG for $1.68 billion in cash, which Dow needs to pay for Rohm and Haas. Dow used Shearman & Sterling LLP's George Casey and Daniel Litowitz on the salt deal. Shearman's John Marzulli Jr., Scott Petepiece and Litowitz advised Dow on Rohm and Haas. The seller also tapped Cleary Gottlieb Steen & Hamilton LLP for antitrust on the Morton sale, as it did on Rohm and Haas. On the banking side, Dow turned to Gary Posternack at Barclays Capital,. Posternack had relationships at Rohm and Haas, which owned Morton International. Midland, Mich.-based Dow used Citigroup Inc. and Morgan Stanley on the Rohm deal.

Matthew Herman and Julian Pritchard at Freshfields Bruckhaus Deringer LLP in New York advised K+S on the Morton buy, along with Harter & Secrest & Emery LLP in Rochester, N.Y. Herman advised the Kassel, Germany-based company in 2006 on its $488 million acquisition of Sociedad Punta de Lobos SA, or SPL, a Santiago, Chile, salt producer. K+S used Alex Dibelius and Alexander Mayer at Goldman, Sachs & Co. for banking advice. Last month, K+S reportedly tapped Morgan Stanley for a contemplated $2.8 billion bid for Compass Minerals International Inc. that has not come to fruition.