Ashland, Hercules merger on track to close in November

By Lisa Kerner

Charlotte, N.C., Sept. 10 - Ashland Inc. continues to expect its merger with Hercules Inc. to close in November.

Ashland senior vice president and chief financial officer Lamar M. Chambers provided an update on the merger at the 2008 KeyBanc Capital Markets Basic Materials and Packaging Conference in Boston on Wednesday, it was reported in a form 8-K filed with the Securities and Exchange Commission.

Early termination of the Hart-Scott-Rodino waiting period has been received, and clearance in the European Union is expected in early October. The company continues to move forward with financing arrangements, the filing said.

In July Ashland agreed to acquire Hercules in a stock and cash deal valued at $23.01 per Hercules share, or about $3.3 billion including debt.

Under the companies' definitive merger agreement, Hercules shareholders will receive $18.60 per share in cash plus 0.093 of a share of Ashland common stock for each share of Hercules common stock, it was previously reported.

Ashland is a diversified chemical company based in Covington, Ky.

Hercules manufactures and markets specialty chemicals for making a variety of products for home, office and industrial markets.

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