TPG Edges Apollo Out Of Styron (DOW) Race

The Wall Street Journal reports that private equity firm TPG seems to have won the race to acquire Dow Chemicals’ (NYSE: DOW) Styron plastics business. TPG edged out rival contender Apollo Management in the bid for Dow’s unit.

Dow had put up Styron for sale in July 2009, and had estimated then that the unit could fetch up to $2 billion. Styron, which has annual sales of about $5 billion, is engaged in the manufacture of polystyrene, rubber and latex. Citing several people in the know, the Wall Street Journal indicates that a deal could be announced as early as this week.