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Dow Chemical fires adviser, officer over acquisition talks

Dow Chemical fires adviser, officer over acquisition talks

Dow Chemical Co. said Thursday it had fired a senior adviser and a company officer over unauthorized discussions with third parties about the possibility of purchasing the company.
Pedro Reinhard, a senior adviser and member of the board of directors, and Romeo Kreinberg, a company officer, were dismissed with board approval, Andrew Liveris, Dow chairman and CEO, said in a statement.
The statement said Reinhard and Kreinberg had "engaged in business activity that was highly inappropriate and a clear violation of Dow's Code of Business Conduct."
"I think I speak for all employees when I say we are greatly saddened by the disrespect shown by our former colleagues. But we will move on to shape our future with an even greater resolve to execute our strategy and deliver value to our shareholders," Liveris said.
Shares of Dow Chemical Co. soared on Monday after a British newspaper reported a group of Middle Eastern investors and U.S. buyout firms was preparing a bid for the huge chemicals and plastics maker.
The Sunday Express, a British tabloid, reported over the weekend that the group _ including private equity firm Kohlberg Kravis Roberts & Co. _ had secured financing for a $50 billion (euro37.13 billion) bid for the Midland, Michigan-based company.
Dow Chemical said Monday it is not in discussions about a leveraged buyout.


Updated : 2021-10-17 03:18 GMT+08:00