Chesebrough acquired 96% of Stauffer's stock.

Chesebrough-Pond's acquisition of the Stauffer Chemical common shares clears the way for completion of the previously announced $1.25-billion takeover of Stauffer, a Chesebrough spokesman said. Greenwich, Conn.-based Chesebrough-Pond offered $28 for each Stauffer common share. Chesebrough-Pond spokesman Kenneth Lightcap said that, after the deal is completed, Stauffer's 65 real estate holdings--including factories around the country and its sprawling corporate headquarters in Westport, Conn.--will probably be sold to finance the takeover. All of the buildings sold will be leased back by the company, Lightcap said. There are no plans to lay off any Stauffer employees as support operations of the two companies are consolidated, he said.

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