NewsFlashDow fires execs over buy-out talks

12 April 2007 15:15  [Source: ICIS news]

TORONTO (ICIS news)--Dow Chemical has fired two executives for their involvement in unauthorised talks with third parties about the potential acquisition of the company, it said on Thursday.

 

The two executives were Pedro Reinhard and Romeo Kreinberg, Dow said.

 

Reinhard is a senior advisor and member of Dow’s board of directors. He was previously Dow’s chief financial officer.

 

Dow said that Reinhard’s and Kreinberg’s conduct was highly inappropriate and a violation of the company’s code of business conduct.

 

Dow had been the target of repeated media speculation in past months.

 

There were suggestions that private equity firms were planning to buy and break up the Midland, Michigan-based chemicals major and reports had linked Dow to India’s Reliance.

 

Earlier this week Dow, reacting to a media report in Britain, said it had had no discussions about a leveraged buyout.


By: Stefan Baumgarten
+1 713 525 2653



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