M&A Looks Grim for 2009

Dow Chemical's ugly end to 2008, with its stock decimated and its acquisition of rival Rohm & Haas in doubt, is emblematic of the state of M&A in the new year: conservative and fearful
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If the last few days of 2008 are a sign of things to come, the prospects for mergers and acquisitions in the new year are certainly bleak. The latest evidence is the trouble facing Dow Chemical's (DOW) proposed $15.3 billion acquisition of rival Rohm & Haas (ROH). The deal was put in doubt Dec. 29 after the Kuwait government cancelled a joint venture with Dow that would have indirectly provided key financing for the buyout.

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