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GERMAN salt and fertilisers firm K+S (formerly known as Kali und Salz) has purchased Rohm and Haas subsidiary Morton Salt for $1.675b.

The K+S offer is all cash and K+S expects that the deal will close towards the middle of 2009. The deal is still subject to regulatory approval, although it is not subject to a financing condition. The acquisition of Morton Salt will make K+S the global leader in salt.

Rohm and Haas is now a wholly-owned subsidiary of Dow Chemical, following the official completion of Dow’s takeover yesterday. Rohm and Haas will now be known as Dow’s Advanced Materials Division. The combined portfolio of the two companies is worth $14b. Dow failed to complete the Rohm and Haas takeover in January of this year after suffering financing problems and was subsequently sued by Rohm and Haas. The two companies settled out of court and agreed the new completion date.

Rohm and Haas president and chief operating officer Pierre Brondeau has been retained as president and ceo of the new subsidiary.

“We are pleased that we reached an agreement with K+S at an attractive value in such a short period of time," says Dow chairman and ceo, Andrew Liveris.  "This sale puts us ahead of schedule on our de-leveraging plan post the close of the Rohm and Haas acquisition.”