Dow Chemical suit scandal settled

Dow Chemical Co. settled its case with former employees J. Pedro Reinhard and Romeo Kreinberg.  The two senior executives were fired last year after participating in unauthorized talks about a potential leveraged buyout of the company.

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The talks prompted a rumor frenzy that ended in a denial by CEO Andrew Liveris and the board, stating that the company was not interested in selling. No settlement terms have been announced.

Apparently in April 2007, Dow Chemical learned from CEO James Dimon of J.P.Morgan Chase & Co. that the two were involved in talks to sell the company. Kreinberg had claimed at one point that J.P. Morgan had offered him and Reinhard up as scapegoats and that the two were ambushed by bankers on whether Dow was interested in a deal. - Maria Woehr

See Dealscape: Fired Dow exec files libel suit
See Dealscape: Dow rumor boils
See Dealscape: Dow sacks ronin execs

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