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Dow Chemical's board reaffirms support for DuPont deal

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AP New York
Last Updated : Dec 14 2015 | 9:32 PM IST
Dow Chemical Co's board reaffirmed its support for the company's merger with DuPont after a news report said activist investor Daniel Loeb wants Dow's CEO to be removed.
The Wall Street Journal said Loeb, who heads Third Point LLC, wrote a private letter to Dow's board questioning the timing of the merger and pushing for Dow CEO Andrew Liveris to be removed. Loeb's firm has a 2 percent stake in Dow, according to FactSet.
A Third Point spokeswoman said the report was correct but declined further comment.
Dow and DuPont announced a merger Friday that would form a USD 130 billion company that would later be split into three separate companies.
Dow's board, including two members selected by Third Point, said in a statement today that they fully support the deal.

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First Published: Dec 14 2015 | 9:32 PM IST

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