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Business
Third Point Critiques Dow’s Strategy
by Alexander H. Tullo
May 12, 2014
| A version of this story appeared in
Volume 92, Issue 19
In an investor letter, Daniel S. Loeb, who heads the hedge fund Third Point, a major activist Dow Chemical shareholder, said the largest U.S. petrochemical maker should be earning $2.5 billion more than it currently does. Loeb compared Dow with LyondellBasell. Dow has 30% more petrochemical capacity, he noted, and yet both companies earn the same amount from petrochemicals. He blamed Dow’s strategy of integrating petrochemicals with downstream specialty derivatives, which he said is adding more administration, R&D, and other expenses compared with leaner competitors.
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