13 October 2007 00:00 [Source: ICIS news]
HOUSTON (ICIS news)--Dow Chemical had postponed its meeting with institutional investors, leading to speculation that the delay is linked to a major acquisition or spin-off, media reports said on Friday.
MarketWatch quoted what it said was an email message that Dow sent to institutional investors, which said, "As we move ahead with our transformational strategy, making solid progress on several fronts, we continue to explore a number of exciting opportunities to deliver long-term value to Dow shareholders."
A number of media reports quoted analysts, who said the delay could be a possible sign that Dow is making progress on a major transaction.
Dow has said that it wanted to pursue an "asset light" strategy, under which it would create joint ventures in commodity chemicals while focusing on specialty chemicals, which are not exposed to wild seasonal swings.
Dow shares closed on Friday at $46.50 (€32.55) on the New York Stock Exchange, up $1.71 or 3.81%.
Dow was unavailable for comment on Friday evening. Bloomberg reported that Dow spokesman Chris Huntley declined to say if the meeting was delayed to allow more time for an deal.
The meeting, which was to be held on November 6 and 7 in New York, will now be held sometime early next year, media reports said.($1.00 = €0.70)
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