Dow Says ‘Rest Assured’ on Effort to Redeem Buffett Stake
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Dow Chemical Co. said its prospects have improved for redeeming $4 billion in preferred stock held by Warren Buffett’s Berkshire Hathaway Inc. and Kuwait’s sovereign wealth fund after interest rates climbed.
“As interest rates tend to go upward, the potential premium that we would need to pay to retire those decreases,” Dow Chief Financial Officer Bill Weideman said today on a conference call. “Things are moving in the right direction from that standpoint. You can be rest assured that we’ll be looking at different opportunities there.”