The Dow Chemical Company (NYSE:DOW) expects decision against Kuwait’s Petrochemical Industries Co.


Dow Chemical Co. (NYSE:DOW) expects a resolution this year in its complaint against Kuwait’s Petrochemical Industries Co. for backing out of a proposed US$17.4 bln joint venture in December 2008, as per Midland Daily News. Dow is seeking over US$2 bln in damages after PIC unexpectedly pulled out of the K-Dow Petrochemicals joint venture days before it was supposed to being operations.

Dow was set to receive US$7.5 bln cash in the deal from PIC and another one-time US$1.5 bln payout from K-Dow once the company was formed. The deal fell through shortly before Dow purchased Rohm and Haas Co., and the US$9 bln was to go toward that purchase.Dow Chairman and CEO Andrew Liveris said Thursday that both sides have finished submitting evidence and a decision is expected by the end of the year.A resolution in the fourth quarter is an estimate based on the need for the arbitrators to complete their investigations and issue a decision, Liveris said.

Megan Batchelor

Megan BatchelorVerified account

Executive features editor at CEOWORLD Magazine
Executive features editor at The CEOWORLD magazine and lover of reality TV.I eat cereal for breakfast, lunch and dinner.
Megan Batchelor

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