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Dow Chemical Takes Issue With Kuwaiti JV
By Zacks Investment Research on January 16, 2009 | More Posts By Zacks Investment Research | Author's Website
Dow Chemical (DOW) announced that there was a termination of its Kuwait basic chemicals joint venture (K-Dow) and that they will take legal actions against Petrochemical Industries Company (PIC) because of this. The planned venture was a $17.4 billion venture with PIC, and the cancellation was initiated by PIC just days before the closing.
As of now, we do not believe that this will affect the $15.4 billion acquisition of Rohm and Haas (ROH), which needed $7 billion that would have come to Dow from the formation of this joint venture. Dow may be entitled to $2.5 billion as a result of the cancellation, but that amount is subject to change.
There may be the formation of another basic chemical joint venture in the near future to replace the one proposed with PIC.
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