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.

ICIS Copyright © Reed Business Information 2009

Author: Stefan Baumgarten
+1 713 525 2653

< previous article(VIDEO - ICIS news Europe Lunchtime Bulletin 30 October 2009)

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.