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Michigan’s efforts to diversify its auto-heavy economy took a blow this week with the Kuwait government’s decision to pull out of a joint venture involving Dow Chemical Co.
Shares in Dow Chemical Company plunged by 22 per cent yesterday, the biggest fall in nearly 30 years, as investors reeled from Kuwait’s surprise decision to scrap plans for a joint venture with the chemical manufacturer.
In the midst of plunging crude oil prices and the weak global economy, Kuwait abandoned its $17.4 billion joint venture with Dow Chemical, casting doubt on the chemical giant’s $15.3 billion takeover of rival Rohm & Haas.
LANSING, Mich. • Michigan’s efforts to diversify its auto-heavy economy took a blow this week with the Kuwait government’s decision to pull out of a joint venture involving Dow Chemical Co.
In a statement Sunday, Dow said it was “extremely disappointed†with the Kuwaiti government’s decision and was “evaluating its options†regarding the joint venture, which was scheduled to close on Jan 1, 2009.