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26 février, 2007 14:55
Dow Chemical shares soar on buyout rumour
Reuters
Published: Monday, February 26, 2007
NEW YORK -- Shares of Dow Chemical Co. on Monday soared 8% a day after a report in the U.K.-based tabloid Sunday Express newspaper said the company could be a target of a leveraged buyout.
The paper, in an unsourced report, said the company might get a takeover offer worth as much as $54 billion from buyout funds.
The paper said the approach was likely to come from a combination of global investors and American private equity giants, who intended to break up the group into smaller companies through a highly leveraged buyout.
Dow Chemical declined to comment on market rumors.
Prior to the report, shares of the company had risen about 8.6% over the last 3 months, lagging the Standard and Poor's chemicals index, which had risen about 9.3% during the same period.
Shares of the company rose $3.45 to $46.90 in early trading on the New York Stock Exchange, after touching as high as $47.26 earlier in the session, its highest level since August 2005.
