Dow puts legal pressure on Kuwait
January 6, 2009
MIDLAND, MI — The Dow Chemical Company plans to pursue undisclosed legal options to force Petrochemical Industries Company of Kuwait to fulfill rights under their joint venture agreement that was scrapped over poor global economic conditions, according to Reuters.
The failed $17.4 billion deal could potentially harm Dow''s plans to buy rival company Rohm & Haas, the story stated.
Proceeds from the Detroit-based K-Dow venture were to be used to repay a large amount of the $15.3 billion Rohm & Haas acquisition, the story noted.
Dow claims that several other companies have expressed interest in becoming involved in a venture similar to that backed out of by Kuwait, the story added.
Click here to read previous CM e-News Daily™ coverage of this topic.
Click here to read the complete article.
For related information, click here.