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Dow ousts 2 over unauthorized sale talks

April 12, 2007

Dow Chemical Co., parent of Indianapolis-based Dow AgroSciences, said today that it has fired two longtime executives because they “were involved in unauthorized discussions with third parties about the potential acquisition of the company.”

A British newspaper reported over the weekend that an investor group had lined up financing to make a $50 billion bid for Midland, Mich.-based Dow.

The report sparked a run up in the stock, even though the company responded by saying it wanted to stay independent.

Dismissed were Executive Vice President Romeo Kreinberg and J. Pedro Reinhard, a senior adviser and board member of the company.

Dow Agrosciences employs more than 1,000 on Indianapolis' northwest side.

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