PPG Industries (NYSE:PPG) today announced that certain company executives and directors participated in the previously announced exchange offer related to the separation of its commodity chemicals business. The exchange offer was in connection with the separation of Eagle Spinco Inc., a wholly-owned subsidiary of PPG that owned substantially all of the assets and liabilities of PPG’s commodity chemicals business, and the subsequent merger of Eagle Spinco Inc. with a subsidiary of Georgia Gulf Corporation. The combined company formed by the merger is named Axiall Corporation and is traded on the New York Stock Exchange under the ticker symbol AXLL.
All PPG shareholders had the option to exchange any percentage of their shares of PPG common stock for shares of Eagle Spinco common stock. Shares of Eagle Spinco common stock automatically converted into shares of Axiall Corporation common stock. PPG executives and directors participated in the exchange offer as PPG shareholders and according to the same terms as all other PPG shareholders.
The exchange offer expired and the merger closed on Jan. 28, 2013.
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