Dow Chemical Pares Dividend

Dow Chemical, which has paid a quarterly dividend since 1912, reduces its payout from 42 cents to 15 cents a share.
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Dow Chemical

(DOW) - Get Report

announced Thursday that it will cut its quarterly dividend to 15 cents a share from 42 cents.

The Midland, Mich. company, locked in a dispute with

Rohm & Haas

(ROH)

over the completion of the companies' $15 billion merger, cited numerous reasons for the dividend cut, including "uncertainty in the credit markets, unprecedented lower demand for chemical products, the ongoing global recession and pending business issues."

Shares of Dow Chemical were recently trading at $9.95, down 9 cents.

It is the 390th consecutive cash dividend issued by Dow. Since 1912, Dow said it has paid its shareholders cash dividends every quarter.

Earlier Thursday, a

Delaware judge denied Dow's motion

to have Rohm & Haas' counsel removed in the companies' ongoing merger dispute.

This article was written by a staff member of TheStreet.com.