Dow sees debt remaining investment grade: CEO
NEW YORK (Reuters) - Dow Chemical Co (DOW.N), which earlier Thursday announced a deal to acquire Rohm and Haas for $18.8 billion, has early indication from credit ratings agency Moody's that its debt will remain investment grade following the deal, said Chief Executive Andrew Liveris on Thursday.
"We will have debt to total capitalization that is well within our range, lower than 40 percent," said Liveris, in an exclusive interview with Reuters.
"I will also now speak to a new (earnings) target, which will be north of $4 a share at the next industry trough," said Liveris.
The deal is being partly financed by Berkshire Hathaway (BRKa.N), the Kuwait Investment Authority, along with debt financing from Citigroup (C.N), Merrill Lynch MER.N and Morgan Stanley (MS.N).
Warren Buffett's Berkshire will become Dow's largest shareholder, said Liveris.
(Reporting by Euan Rocha; Editing by Derek Caney)
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