Loeb's Third Point takes stake in Dow Chemical - letter
Jan 21 (Reuters) - Activist investor and hedge fund manager Daniel Loeb has taken a stake in Dow Chemical Co and wants the company to spin off its petrochemical arm, according to a letter to investors seen by Reuters.
News of the investment from Loeb's $14 billion firm, Third Point, sent Dow Chemical shares up nearly 7 percent in premarket trading.
Dow Chemical is now Loeb's largest investment, according to the letter.
A Dow Chemical spokeswoman, traveling with CEO Andrew Liveris in Davos, Switzerland, said she was unaware of Loeb's stake and would comment later.
- Sunken Korea ferry relatives give DNA swabs to help identify dead |
- Vice-principal of South Korea school in ferry disaster commits suicide |
- Special Report: How the U.S. made its Putin problem worse
- Death toll climbs to at least 13 in worst tragedy on Everest |
- All 338 Korean students, teachers rescued from sinking ferry - school official