OK, not June
Midland Daily News, 14.6.2000
The Dow Chemical Co. and Union Carbide Corp. announced this morning that they will not
in fact merge this month and are now looking at the third quarter.
A delay in regulatory approval was cited as the reason.
"We have been working diligently with the regulatory authorities and are making good
progress," said Willian S. Stravropoulos, Dow president and chief executive officer.
"Transactions of this size and complexity that involve technology typically take
longer than one might expect, but we are confident we can bring this to resolution within
a short time frame," he said. "Completing the transaction as early as is
practical is our goal, so that the merger can deliver value to shareholders of both
The companies are working to receive clearance from the U.S. Federal Trade Commission and
the Canadian Competition Bureau.
Sue Breach of Dow's global media relations said this morning that because of
confidentiality requirements surrounding work on the merger, she could not give details on
what information the agencies might be asking the companies to provide.
"We're working closely with them and we're making good progress", she said.
Since it was widely expected the merger would be completed in the second quarter the
company felt it best to issue a news release when it became clear that this would not
happen she said.
by Beth Medley Bellor