ملخص شرينا 50% من شركة ما تسوى حكومتنا شرتها 9 billion و الحين شركة كلها ما تسوى 9 شوف cnbc شنو يقلون عنى صج حرام مساكين اجيال القادمة صج حرام عليكم صفقة مشبوة
http://uk.youtube.com/watch?v=grmA6OFVZzk
The 50-50 joint company, K-Dow, is expected to begin operations no
later than Jan. 1 and have annual sales of $15 billion, the companies said. Further, Dow Chemical (DOW:The Dow Chemical Company
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4:02pm 12/19/2008
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DOW 20.08, +0.04, +0.2%) said it expects to receive $9 billion in total pre-tax proceeds from the transaction, vs. the $9.5 billion expected when the deal was first announced last December.
"There was some concern regarding a major deal price revision and, in turn, its impact on the Rohm & Haas deal," said HSBC analyst Hassan Ahmed.
Shares of Rohm & Haas (ROH:Rohm and Haas Company
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4:00pm 12/19/2008
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ROH 67.00, -1.77, -2.6%) rallied 3.5% to $70.82. In July Dow said it would acquire the Philadelphia-based specialty materials company for $15 billion, and that it was counting on the proceeds from the joint venture deal to help finance the pact.
"When we said we would close K-Dow by year end, no one, and I mean no one, anticipated the global meltdown that would occur in September and October," said Andrew Liveris, Dow's chief executive. "Given this meltdown, it was natural for our partners and ourselves to revisit the economics of the deal."
Under the deal announced Dec. 13, Dow sold a 50% interest in its raw plastics businesses to Petrochemical Industries, a subsidiary of state-run Kuwait Petroleum Corp. In turn Dow gained greater access to emerging market growth and petrochemical materials used in its products.
Upon closing, the new company is expected to have a total enterprise value of $17.4 billion, down from the $19 billion estimated last year. Each shareholder will also receive a special cash contribution of $1.5 billion, the companies said.
The deal's closing marks a critical milestone in Dow Chemical's hopes to transform into an earnings-growth company from one tied to cyclical conditions, Liveris said on a conference call with analysts.
"This is a giant step in our strategy of growing our basics businesses through joint ventures, reducing our capital intensity, and freeing up $9 billion in pre-tax cash proceeds to invest in our performance businesses," he said.
"We have effectively set the stage for our next major landmark -- completing the proposed acquisition of Rohm and Haas in early 2009," he added.
Shares of Dow Chemical fell 62 cents, or 3.3%, to close at $17.93, swept from its session high of $18.93 by a 680-point sell-off on the Dow Jones Industrial Average (INDU:INDU
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K-Dow will incorporate two existing joint ventures between Dow Chemical and Petrochemical Industries, or PIC: MEGlobal and Equipolymers.
The venture has already received approval from U.S. regulators, but remains subject to customary closing conditions.
The deal also is intended to help diversify Kuwait's national economy, said Maha Mulla Hussain, chairman and managing director of PIC.
"Through the K-Dow joint venture, PIC, in pursuit of its long term strategy, will enter a new arena of petrochemical products based on leading global technologies," Hussain said in the Monday joint statement. "This represents the best option for PIC to achieve a leading position in petrochemicals and to optimize growth between our connecting businesses of oil refining and basic petrochemicals while building on our long-standing, positive relationship with Dow."
The K-Dow joint venture will manufacture polyethylene, ethylenamines, ethanolamines, polypropylene, and polycarbonate.
Polyethylene is the most widely used for of plastic, used in everyday products from milk jugs to pipes. Polypropylene is used in fibers, packaging films, non-wovens, durable goods, automotive parts, and consumer applications. Polycarbonate is an engineering thermoplastic used in applications such as optical media, electrical and lighting.
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