DETROIT -- Dow Chemical said it has agreed to buy specialty chemicals maker Rohm and Haas for $78 per share, or more than $15 billion.

Based on the per-share purchase price and the roughly 196 million shares Rohm and Haas had outstanding as of April 22, the deal would be worth about $15.29 billion.

Dow Chemical Co. said Thursday it values the deal at $18.8 billion including debt. The per-share price represents a 74 percent premium to Philadelphia-based Rohm and Haas' closing share price of $44.83 on Wednesday.

The deal has been approved by both companies' boards. It is pending approval by Rohm and Haas shareholders and regulatory approvals.

"The acquisition of Rohm and Haas is a defining step in our transformational strategy to shape the “Dow of Tomorrow” – a high value, diversified chemicals and materials company,” said Dow chairman and CEO Andrew Liveris.

Warren Buffett's Berkshire Hathaway and the Kuwaiti Investment Authority are investing in the deal.

Rohm And Haas technologies are found in a wide range of industries including: building and construction, electronics and electronic devices, household goods and personal care, packaging and paper, transportation, pharmaceutical and medical, and industrial.

“We believe that by becoming a part of Dow, we secure a brighter future and greater growth prospects for our employees, consistent with the vision of our founders to remain a high-quality supplier of innovative technology and solutions,” said Rohm and Haas chairman and CEO Raj L. Gupta.

To learn more about Rohm And Haas visit http://www.rohmhaas.com