Specialty chemical company Eastman Chemical Co. is buying Solutia Inc. in a cash-and-stock deal valued at about $3.38 billion to broaden its presence into emerging markets and expand its product offerings.
The companies value the deal, including debt, at about $4.7 billion.
Solutia shareholders will receive $22 in cash and 0.12 shares of Eastman stock for each share of Solutia that they own. Based on Thursday's closing prices, Solutia shareholders will receive cash and stock valued at $27.65 per Solutia share, a 42 percent premium to the company's closing price.
Ten grants are up for grabs for new businesses that set up shop in St. Louis. A local non-profit, Arch Grants, says it will award the $50,000 grants this May in an effort to bring innovative businesses to the city.
Arch Grants Co-founder Joe Schlafly said the for-profit start-ups that are selected will be required to stay for at least one year.
“St. Louis is not a dog-meat, down place," Schlafly said. "It is a place where things are happening. We’re open for business. We want to be on the short list, not just [on] no list.”
Gov. Jay Nixon wants to offer larger incentives to a wider variety of automobile parts suppliers as part of a plan to rebuild the automotive industry in Missouri.
Nixon's administration provided details to The Associated Press of a plan the governor has been touting in broad terms for the past couple of weeks.
Nixon is seeking to expand special automotive industry incentives approved in 2010 that have been used to persuade Ford and General Motors to expand operations at Missouri plants. The 2010 law also authorized incentives for suppliers to automakers.
Jerry Clinton, a longtime St. Louis business leader and philanthropist, has died.
A spokeswoman for Clinton says he died Wednesday morning. He was 74 and had cancer.
Clinton was the former president and owner of Grey Eagle Distributors. He sold the company in 2005.
Clinton was instrumental in the effort to bring an expansion football team to St. Louis after the Cardinals left for Arizona in 1988. The effort was unsuccessful, though the Rams moved to St. Louis from Los Angeles in 1994.
If you've been driving on any of the highways around St. Louis lately you have probably noticed several new green billboards advertising Kräftig beer. Kräftig is brewed by the William K Busch Brewing Company, a new brewery started by Billy Busch, the great grandson of Adolphus Busch. As David Weinberg reports, Billy Busch is hoping his new business is start of the next chapter in the Busch family brewing legacy.