Dow Chemical Co said it would add four independent directors to its board as part of an agreement with hedge fund Third Point LLC.
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The four directors will be included in Dow's nominees for election at the 2015 annual meeting.
Reuters reported earlier this week that Third Point was considering a proxy contest after negotiations over board seats with the largest U.S. chemical company broke down on Thursday, citing two sources familiar with the talks. (Reporting by Sayantani Ghosh in Bangalore; Editing by Joyjeet Das)