Dow does not rule out any asset for possible sale

None of Dow Chemical’s assets will be off the table when it comes to asset sales, a company executive said on Monday.

“Given the unprecedented economic environment, we continue to assess all options for providing greater financial flexibility through the current period,” said Patti Temple Rocks, vice president of Dow Public Affairs.

“As we have consistently indicated to investors, these include the potential sale of various assets, and no Dow businesses will be exempt from consideration,” she added.

“While Dow has been moving forward on a number of fronts in recent weeks, no specific actions have been finalised,” Rocks said.

On 27 February, the Wall Street Journal reported that Dow was in talks with a group of private equity firms, including Blackstone and Kohlberg Kravis Roberts (KKR) about selling a multibillion-dollar minority stake in Dow AgroSciences.

On 1 March, Reuters reported that Switzerland-based agrochemical firm Syngenta would consider bidding for Dow AgroSciences if it were put up for sale.

Dow is evaluating asset sales as it needs to raise cash for its $18.8bn (€14.9bn), or $78/share acquisition of US specialty chemical giant Rohm and Haas.

Dow has balked at completing the transaction, and Rohm and Haas is suing Dow in Delaware Chancery Court to get the deal closed. The trial is set to start on 9 March.