Dow Chemical's board reaffirms support for DuPont deal

Dow Chemical Co's board reaffirmed its support for the company's merger with DuPont after a news report said activist investor Daniel Loeb wants Dow's CEO to be removed.

The Wall Street Journal said Loeb, who heads Third Point LLC, wrote a private letter to Dow's board questioning the timing of the merger and pushing for Dow CEO Andrew Liveris to be removed. Loeb's firm has a 2 percent stake in Dow, according to FactSet.

A Third Point spokeswoman said the report was correct but declined further comment.

Dow and DuPont announced a merger Friday that would form a USD 130 billion company that would later be split into three separate companies.
 

Dow's board, including two members selected by Third Point, said in a statement today that they fully support the deal.