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Dow Sells Refinery – Analyst Blog
Zacks Market Commentaries (September 2nd, 2009) Writes:
Dow Chemical Co. (DOW) completed the sale of its Netherlands-based crude oil refinery to Paris-based Total SA (TOT), one of the six major global oil companies, for about $800 million. The refinery is a key supplier of refined products, including diesel, to the European market. The move is in line with Dow’s strategy of divesting non-core assets. The deal received regulatory approval last month.
The Midlands, Michigan-based chemical company stated that the divestiture will increase its financial flexibility, improve cash flow and will help pay down debt. The company plans to use the proceeds from the deal to pay down debt, which was raised for the Rohm and Haas acquisition.
The Rohm and Haas acquisition increased Dow’s net debt from $8 billion to $22 billion in the first half of 2009. This resulted in a significant net cash deficit of $19 billion during the period. However, Dow Chemical has become
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