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Dow Chemical's board reaffirms support for DuPont deal

Dow Chemical board reaffirms support for DuPont deal despite report activist wants CEO removed

Dow Chemical's board reaffirms support for DuPont deal

NEW YORK (AP) -- Dow Chemical Co.'s board reaffirmed its support for the company's merger with DuPont after a news report said activist investor Daniel Loeb wants Dow's CEO to be removed.

The Wall Street Journal said Loeb, who heads Third Point LLC, wrote a private letter to Dow's board questioning the timing of the merger and pushing for Dow CEO Andrew Liveris to be removed. Loeb's firm has a 2 percent stake in Dow, according to FactSet.

A Third Point spokeswoman said the report was correct but declined further comment.

Dow and DuPont announced a merger Friday that would form a $130 billion company that would later be split into three separate companies.

Dow's board, including two members selected by Third Point, said in a statement Monday that they fully support the deal.


Updated : 2021-09-17 10:23 GMT+08:00