Dow paid $726 million for Bayer cellulosics unit

FRANKFURT (Reuters) - Dow Chemical Co (DOW.N) has paid 540 million euros ($726.1 million) including debt to buy Bayer AG's (BAYG.DE) Wolff Walsrode cellulosics business, the companies said in a joint statement on Monday.

"The purchase price...includes a cash component and the assumption of financial debt and pension commitments," the statement said without being more specific.

"Following regulatory clearance from various authorities around the world, payment and share transfers have occurred, and Dow has taken full ownership of the Wolff Walsrode group of companies on June 30, 2007," it added.

Bayer announced the divestment in December but gave no sales price at the time.