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Dow Chemical on Thursday slashed its quarterly dividend by 64 percent as it struggles with a decline in demand and a dispute over its refusal to close its more than $15 billion takeover of rival Rohm and Haas.
Dow said it will pay a dividend of 15 cents a share on April 30. The chemical company's previous dividend was 42 cents a share.
Earlier this month, Dow posted a fourth-quarter loss of $1.55 billion as the spreading economic crisis tootk its toll on demand from central markets like the construction, electronics and automotive industries.
Dow has also been embroiled in a court battle with Rohm and Haas [ROH
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] after it decided not to close its deal for the company last month.
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Dow CEO Andrew Liveris had initially suggested that the company's dividend was safe, but reversed course on Jan 27 after economic conditions worsened and Rohm filed suit.
Dow shares [DOW
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] were down almost 3 percent in afternoon trade on the New York Stock Exchange, underperforming the Standard & Poor's Chemicals index, which was down almost 1 percent.
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Data is a real-time snapshot *Data is delayed at least 15 minutes