Dow, Kuwait Renegotiate Terms of K-Dow; Sign Binding Agreement

Dow Chemical says a binding joint venture agreement has been signed for the formation of K-Dow, the company's planned 50-50 petrochemical joint venture with Kuwait’s Petrochemical Industries Company (PIC; Kuwait City). The enterprise value of assets Dow is contributing has been reduced from about $19 billion to $17.4 billion under revised terms of the deal, which was initially announced in December 2007. The deal remains on track to close by year-end, Dow adds. "This deal has closed in an economic environment that none of us have seen in our...

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