Dow Chemical, Rohm & Haas Hit Hard

Stock quotes in this article: DOW , ROH  

Updated from 2:09 p.m. EST

Shares of Dow Chemical (DOW Quote) slumped Monday after Kuwait's government called off a $17.4 billion joint venture with the Michigan-based petrochemicals company.

Dow closed down 19% at $15.32, a new 52-week low.

Investors in Rohm & Haas (ROH Quote) were also concerned, sending the company's shares down 16%. Dow set plans in July to acquire Rohm & Haas in a nearly $19 billion deal. For its part, Rohm & Haas said the successful completion of Dow's joint venture in Kuwait was not required to close the merger of the two.

Shareholders of Rohm & Haas approved the agreement in October. Rohm & Haas said it "continues to work diligently" toward completing the transaction with Dow in early 2009.

Following the news, Dow was downgraded from overweight to equal-weight at Barclays Capital.

  • Loading Comments...
  •  

SHARE:

  • email
  • print
  • comment
  • digg
  • delicious
  • linkedin
This article was written by a staff member of TheStreet.com.

Recent Comments





Connect with TheStreet

Dow Jones S&P 500 NASDAQ 10-Year Note
10,058.64 1,070.52 2,150.87 36.33
Oil *
72.02
UP
150.25
UP
13.78
UP
24.82
UP
0.41
10 Yr
3.63%
SPDR Gold
105.45
+1.52%
+1.30%
+1.17%
+1.14%
Data delayed 20 minutes

More From TheStreet

Latest Headlines
  • Top Rated Stocks from TheStreet Ratings
  • Find returns with the Dividend Calendar

Brokerage Partners

TheStreet Premium Services

All Services