Dow Chemical shares soar on latest buyout rumour
09 April 2007 16:32 [Source: ICIS news]
TORONTO (ICIS news)--Shares of Dow Chemical rose 6.23% in early Monday morning trading in New York on the latest media speculation over the weekend that buyout firms and Middle Eastern investors were preparing to take over the US chemicals major in a $50.0bn (€37.5bn) deal.
Dow’s share price rose to $47.24, up from Thursday’s closing price of $44.47/share.
The media reports quoted unnamed sources.
Dow had been the target of takeover speculation in the media in past months.
Dow, as a matter of company policy, does not comment on media rumours.
Chief executive Andrew Liveris, in an analysts call in February, had dismissed plans that Dow could be broken up.
Analysts have been skeptical that Midland, Michigan-based Dow, which is highly vertically integrated, would make a suitable target for a buyout.
The Dow Jones Industrial Average was up 11.86 points on Monday morning, to 12,572.06, with analysts attributing the increase in part to Friday’s stronger-than-expected
($1 = €0.75)
By: Stefan Baumgarten
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