16 October 2007 22:28 [Source: ICIS news]
HOUSTON (ICIS news)--Dow Chemical postponed its institutional-investor meeting to make better use of its participants' time, not necessarily to make room for a big announcement, a company spokesman said on Tuesday.
The meeting was intially scheduled for 6-7 November.
Dow sent an email message to institutional investors on Friday, saying it would postpone the meeting to early next year, said Chris Huntley, Dow spokesman. The postponement led to speculation that Dow was about to announce a large acquisition, joint venture or divestment.
However, Dow postponed the meeting because a later date would make better use of everyone's time, he said.
By meeting on a later date, Dow will have more time to make progress on any number of ongoing projects, Huntley said.
The company has announced that it is considering 60 possible transactions, including joint ventures, acquisitions and divestments.
"We are not saying that they will come to fruition," he said. "If we postpone the meeting for a few months, maybe we would make more progress on some of those opportunities."
Dow shares closed on Tuesday at $45.08 (€31.56), down 72 cents or 1.57%
On Friday, following the news of the meeting postponement, Dow shares rose $1.71, or 3.81%, to close at $46.50.
($1.00 = €0.70)
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