Deals
Dow Chemical to Swap Buffett’s $3 Billion Stake If Rally Holds
- CFO says Dow plans to force conversion of preferred holding
- Share price needs to stay above $53.72 before Dow can swap
Dow CEO Liveris, DuPont CEO Breen on Merger
This article is for subscribers only.
Dow Chemical Co., which has been paying $255 million annually in dividends to Warren Buffett for years, may have finally found a way to end that obligation.
Dow jumped in New York trading this week ahead of the announcement of an all-stock merger with DuPont Co., closing at $56.97 Wednesday. That’s above the price at which the company can convert Buffett’s $3 billion preferred stake into common stock that pays a lower dividend.