Directors of Dow sued by an investor

12-Feb-09
Directors of USA's largest chemical maker Dow, were sued by an investor in a so-called derivative lawsuit, also seeks damages from some board members on behalf of Midland-based Dow. The investor has asked that CEO Andrew Liveris be fired for mismanaging a failed US$15.4 bln takeover bid of Rohm & Haas Co. The Rohm & Haas takeover plan, and a foundering JV with Petrochemicals Industries Co. of Kuwait, put Dow "on the precipice of an unmitigated financial disaster," because officials failed "to bring rational business judgment to bear," as per stockholder Michael D. Blum. Besides removal of Liveris, the lawsuit calls for "corporate reforms at Dow" to allow more input by shareholders and "safeguards for the conduct of mergers and acquisitions."
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