Dow fires two executives over acquisition talk
 

From Chemical Processing News...

'Only days after announcing that it's not in talks involving a leveraged buyout, Dow Chemical Co. has shown the door to a senior adviser and a company officer, accusing them of trying to negotiate a deal behind the company's back, according to the Associated Press. Senior adviser Pedro Reinhard, who retired as the chemical giant's chief financial officer in October 2005, and Romeo Kreinberg, a divisional executive vice president, were dismissed with the approval of the board of directors, Andrew Liveris, Dow Chemical chairman and CEO said in a statement. The statement said Reinhard and Kreinberg had "engaged in business activity that was highly inappropriate and a clear violation of Dow's Code of Business Conduct. Kreinberg has said there is no truth to the accusations made against him and he is seeking legal counsel.'


Loose lips...

Are you implying that these guys were fired for leaking news of an official deal rather than trying to facilitate a backdoor deal?

Legion, the WSJ had a big piece on it last week and these guys were trying to negotiate a deal with some priviate equity guys, I think, in Oman. They were totally acting outside their authority and I'd be surprised if they weren't sued or prosecuted as well.