Dow Chemical Co., facing pressure from activist investor Third Point LLC to break itself in two, tripled a share buyback program to $4.5 billion and raised its dividend while posting better-than-expected fourth-quarter earnings and sales.
Westlake Chemical Corp. withdrew its unsolicited $1.2 billion bid to buy Georgia Gulf Corp., North America’s largest maker of vinyl construction products, after the sweetened offer was rejected as too low.
Westlake Chemical Corp., the U.S. plastics maker controlled by the Chao family, made a $1.03 billion unsolicited offer for Georgia Gulf Corp. to expand into vinyl construction products such as siding and window frames.
Huntsman Corp. agreed to buy Rockwood Holdings Inc.’s titanium-dioxide assets for $1.1 billion to create the world’s second-largest producer of the white pigment, with plans to sell shares in the new business.
Dow Chemical Co., the chemical producer eliminating 2,400 jobs to cope with a slowing economy, reported better-than-expected third-quarter earnings as volumes rose and plastics output benefited from low-cost natural gas.
Dow Chemical Co . and other ethylene producers will obtain higher prices as China Petrochemical Corp. cuts chemical output to bolster domestic fuel supplies, said an analyst at Alembic Global Advisors.
DuPont Co., the largest U.S. chemical company by market value, posted first-quarter earnings that exceeded analysts’ estimates as profit from crop seeds and pesticides hit a record and pigment demand began to recover.