Dow Chemical awarded $2.16 billion in damages in K-Dow arbitration

The Dow Chemical Co. today was awarded $2.16 billion in damages from the Petrochemical Industries Company of Kuwait relating to the K-Dow transaction. The International Court of Arbitration of the International Chamber of Commerce on Thursday ruled the Petrochemical Industries Company was liable after it backed away from the K-Dow Petrochemicals venture in 2008. Kuwait pulled out of the deal in late 2008 following weeks of internal political pressure. Dow had expected to get more than $7 billion in cash from the transaction, some of which would have helped pay off its $15.3 billion buyout of Philadelphia-based Rohm & Haas Co.

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