Third Point blasts Dow Chemical's 'lack of transparency'
Dow Chemical's lack of transparency makes it difficult to determine whether the petrochemical giant should be split up or kept together, billionaire hedge fund investor Daniel Loeb's Third Point Capital said Wednesday.
Last month, Third Point announced a major stake in Dow Chemical, the largest U.S. chemical maker, saying that the company should spin off its lucrative but slow-growing petrochemical unit and focus on specialty materials.
In a filing with the Securities and Exchange Commission on Tuesday night, Dow Chemical said it had conducted an internal review and concluded that breaking up the company would not help shareholders.
Third Point said Wednesday that it was prepared to sign a nondisclosure agreement with Dow Chemical in order to review the company's records and arrive at its own conclusion.
A Dow Chemical representative was not immediately available to comment.