Dow and Kuwait Petroleum to Form $10.8-Billion JV

Dow Chemical says it plans to form a 50-50 petrochemical joint venture with Kuwait Petroleum’s Petrochemical Industries Co. (PIC; Kuwait City) subsidiary. PIC will pay about $9.5 billion pretax, about $7 billion after tax, for a 50% stake in Dow’s polyethylene (PE), ethylene, ethanolamines, polypropylene (PP), and polycarbonate (PC) businesses that will comprise the jv. The deal is expected to close by the end of 2008, Dow says. Liveris: Reaching important milestones. The agreement with PIC is consistent with Dow’s plans to secure...

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