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The transaction marks a decisive move in Dow’s transformation into an earnings growth company with reduced cyclicality. Last December, Dow announced a joint venture with Petrochemical Industries Company of the State of Kuwait (PIC). With the collective impact of these two deals, performance products and advanced materials will represent 69% of Dow’s total sales on a 2007 pro forma basis, compared with 51% prior to these transactions.
Financing for the acquisition includes an equity investment by Berkshire Hathaway and the Kuwait Investment Authority in the form of convertible preferred securities for $3 billion and $1 billion, respectively. Debt financing has been committed by Citi, Merrill Lynch and Morgan Stanley.
For more information, visit www.dow.com.