Dow Chemical, Rohm & Haas Hit Hard
Updated from 2:09 p.m. EST
Shares of Dow Chemical (DOW) 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) 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.>To order reprints of this article, click here: ReprintsTheStreet Premium Services For Personal Service: 877-471-2967
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