12 March 2009 03:18 [Source: ICIS news]
SINGAPORE (ICIS news)--US major Dow Chemical is in talks with Kuwait’s Petrochemicals Industries Co (PIC) to revive the failed K-Dow joint venture, a news report said on Thursday.
“We are definitely in discussions,” Bloomberg reported CEO Andrew Liveris as saying.
Dow started arbitration proceedings against the company on 21 February on grounds that PIC broke its joint-venture agreement and was last heard to be seeking some $2.5bn in damages.
The Kuwait Supreme Petroleum Council’s (SPC) reversed a prior approval of the joint venture on 29 December 2008 and left Dow Chemicals deprived of the $9bn it was expecting from the conclusion of the deal.
Dow subsequently had difficulties in closing its $18.8bn merger deal with Rohm and Haas but agreed this week to close the acquisition by 1 April, at its initial offer price for the company at $78/share.
($1 = €0.78)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections