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Third Point Acquires $1.3B Stake in Dow Chemical

Third Point's Dan Loeb acquired a massive stake in Dow Chemical (NYSE:DOW) on Tuesday in what marks the hedge fund's largest position, and urged the company to consider a spinoff of its petrochemical business.  The activist investor said Dow's shares have "woefully underperformed" the market over the last decade – generating a return of 46% including dividends compared with the S&P 500's 101% return.Loeb said the underperformance reflects "a poor operational track record across multiple business segments," as well as an ill-timed acquisition of Rohm & Haas and a failure by management to deliver on expectations in its petrochemicals business. He said the current petrochemicals strategy may be a "significant drag on profitability" and urged Dow to consider splitting it from Dow's specialty chemicals business into a standalone company."Despite Dow's best efforts to migrate downstream and become a specialty chemicals company, the market remains unconvinced," Loeb said.The spin-off combined...

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