Feb 12 Dow Chemical Co's lack of
transparency makes it difficult to determine whether the
petrochemical giant should be split up or kept together,
billionaire hedge fund investor Daniel Loeb's Third Point LLC
said on Wednesday.
Third Point last month announced a major stake in Dow
Chemical, the largest U.S. chemical maker, saying the company
should spin off its lucrative but slow-growing petrochemical
unit and focus on specialty materials.
In a filing with the U.S. Securities and Exchange Commission
on Tuesday night, Dow Chemical said it had conducted an internal
review and found that breaking up the company would not help
Third Point said on Wednesday that Dow's "lack of
transparency" makes it difficult to determine how that decision
was reached. The hedge fund said it was prepared to sign a
non-disclosure agreement with Dow Chemical in order to review
the company's records and arrive at its own conclusion.
A Dow Chemical representative was not immediately available