As reported on January 21, 2013 by the news agent Plastic News, the hedge fund Third Point LLC sent a letter to Dow Chemical Co. calling for Dow to spin off its petrochemical business, including its plastic segment, in response to poor performance in 2013 relative to the S&P 500 Chemicals Index. Third Point LLC holds an undisclosed quantity of shares in Dow. Earlier in 2013, Dow announced that it will spin off its chlorine segment, including epoxy and PVC feedstock segments (previously reported on by the FPF). Dow did not comment directly on the Third Point LLC letter but stated that it believed that its investments have yielded sustainable value for shareholders.
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Frank Esposito (January 21, 2014). “Hedge fund calls for Dow to spin off plastics business.” PlasticsNews.
FPF article “Dow separates from chlorine business”
