January 21, 2014 / 2:20 PM / 4 years ago

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.

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