The Dow Chemical Co. (DOW) may be forced to abandon its takeover of Rohm & Haas Co. (ROH) now that a $17.4 billion joint venture with Kuwait’s state-run oil company has been scrapped. Kuwait’s Petrochemical Industries Co. earlier this week cancelled plans to take a 50% stake in Dow’s plastics unit amid pressure from government officials alarmed by plunging oil prices. The venture would have created the world’s largest maker of polyethylene - a chemical used in wide array of plastic products, such as bottles and compact discs. It also would have provided Dow with a $7.5 billion cash infusion that the company had earmarked for its pending takeover of Rohm & Haas. The Philadelphia-based Rohm & Haas on July 10 agreed to a $78 a share takeover offer from Dow Chemical. Dow planned to finance the takeover with a $13 ...

Wells Fargo & Co. (WFC) Friday agreed to buy all of Wachovia Corp. (WB) for about $15 billion in stock, however, Citigroup Inc. (C), which had already agreed to buy Wachovia’s banking operations, immediately issued a protest that could jeopardize the deal. “Citi has substantial legal rights regarding Wachovia and this transaction,” Citi said in a statement. “Wachovia’s agreement to a transaction with Wells Fargo is in clear breach of an exclusivity agreement between Citi and Wachovia.” Wells Fargo’s $15 billion, or $7 a share, all-in bid easily trumps Citigroup’s $2.16 billion, or $1 per share, offer for Wachovia’s deposits, loan portfolio, and retail banking branches. The Citigroup offer did not include Wachovia’s A.G. Edwards brokerage unit or Evergreen mutual fund family. “It provides superior value compared to the previous offer to acquire ...