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.
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