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SMALL BUSINESS
Dow Chemical Announces Stock Offering
By ERNEST SCHEYDER
, AP
MIDLAND, Michigan -Dow Chemical says it will issue about $1.63 billion in common stock.
The largest U.S. chemicals maker, based in Midland, Michigan, will use about $1 billion of the offering to reduce debt from last month's $16.5 billion acquisition of rival Rohm & Haas Co.
The remaining $625 million will be converted from preferred stock — currently held by various trusts — into common shares.
"Today's offering will not only strengthen our balance sheet and improve our financial flexibility, but it is also very consistent with the objectives" of our plan to cut debt, Chairman and Chief Executive Andrew Liveris said Tuesday in a statement.
Shares fell 58 cents, or 3.6 percent, to $15.71 in aftermarket trading.
Copyright 2009 The Associated Press. The information contained in the AP news report may not be published, broadcast, rewritten or otherwise distributed without the prior written authority of The Associated Press. Active hyperlinks have been inserted by AOL.
2009-05-05 16:58:41
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