Dow CEO could get 3X salary in a takeover

Liveris' base salary was $1.5m (€1m) in 2006, according to the company's proxy statement.

Executives Geoffery Merszei, David Kepler and Michael Gambrell and others would receive twice their annual base salaries in the event of what Dow calls a "change in control," the filing said.

Such a change covers a merger as well as the acquisition of at least 20% of Dow's outstanding voting securities, the filing said.

Dow has not made any announcements of a takeover. However, the company postponed its institutional-investor meeting, leading to speculation that the company was about to announce a large acquisition, joint venture or divestment.

Dow shares were trading on Thursday at $40.32/share on the New York Stock Exchange, down $1.14.

($1.00 = €0.68)