The U.S. Federal Trade Commission on Friday gave antitrust clearance to Dow Chemical Co.'s (DOW) $18.8 billion acquisition of rival chemical manufacturer Rohm & Haas Co. (ROH), but required Dow to sell assets for the deal to go through.

Under a settlement with the FTC, Dow agreed to sell its acrylic monomer, hollow sphere particle and acrylic latex polymer businesses.

Dow also agreed to put procedures in place to ensure it doesn't have access to competitively sensitive non-public information regarding any businesses it acquires from Rohm & Haas.

The FTC said in a statement that Dow's concessions were necessary because the companies are direct and significant competitors in certain markets for acrylics and other industrial chemicals used to make coated paper products, paints and adhesives.

The settlement would ensure competition in those areas and keep consumers from seeing higher prices, the commission said.

The FTC said Dow has to sell the assets within 180 days from the acquisition date of Rohm, or within 240 days from when Friday's settlement is accepted for public comment, whichever comes later. If Dow does not sell the assets in that time, a commission-appointed trustee may do so, the FTC said.

Friday's FTC announcement puts pressure on Dow to close a deal that has been criticized as expensive and risky in the current economic climate.

The company has faced questions of whether it will be able to complete the Rohm & Haas deal after a major joint venture with Kuwaiti state-owned company Petrochemical Industries Inc. fell through. Dow had planned to use cash from the joint venture to fund the Rohm purchase.

A Dow spokesperson did not immediately return a call for comment.

-By Brent Kendall, Dow Jones Newswires; 202-862-9222; brent.kendall@dowjones.com

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