UPDATE: "Rohm and Haas Company continues to work diligently towards completing the proposed transaction with Dow in early 2009," despite Kuwait's cancellation of a deal to invest billions in a joint venture with Dow, Philadelphia chemical maker Rohm said in a statement. Copy it into your browser:
EARLIER: "Kuwait canceled the purchase of a 50 percent stake in Dow Chemical Co.’s plastics making unit, depriving Dow of $9 billion it planned to use for the acquisition of Rohm and Haas Co.," reports Bloomberg News.
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Dow is "extremely disappointed", and is weighing its options.
Reuters gives background on why Kuwait cancelled Dow deal: "liberals" in Parliament challenged its viability.
Bloomberg: "Kuwait’s Supreme Petroleum Council reversed last month’s decision to approve the venture, to be called K-Dow Petrochemicals, the Midland, Michigan-based company said today in a statement... Dow now might have trouble raising the full $18 billion ($15B cash/$3B debt) to complete its purchase of Rohm and Haas, said Sean Egan, managing director of Egan-Jones Ratings Co." in Berwyn. "Dow would pay $750 million (to Rohm and Haas) if it terminates the acquisition, Rohm and Haas said in a Sept. 29 regulatory filing."