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01-22-2014

Hedge Fund Third Point Takes Stake in Dow Chemical

According to The Wall Street Journal, the hedge fund Third Point now holds a new stake in Dow Chemical. Activist investor Dan Loeb, the founder of the hedge fund, noted in a letter to investors released on the Harvest Exchange, a website for sharing investor ideas, that Dow Chemical is currently Third Point’s largest current stake, but didn’t disclose his actual position.

In early December, Dow announced plans to exit low-margin performance chemical operations, but for Third Point, that’s not enough. Loeb is calling for Dow Chemical Co. to consider spinning off its petrochemicals business – including its massive plastics operations. According to The Wall Street Journal, the hedge fund is suggesting a more dramatic split of the units that turn oil and gas into chemicals from the unit that makes higher-margin specialty chemicals used in agriculture, food, pharmaceuticals, and electronics.

Mr. Loeb called Dow Chemical to engage outside advisers to see if the chemical company’s current plan to carve out USD 5 billion of its commodity chemicals business is the right one. Shares of the company spiked nearly 7% Tuesday morning after Third Point announced its stake.

Source

[missing link]The Wall Street Journal[/missing link]

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