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Dow Chemical (DOW) has rebuffed Dan Loeb's call to split its petrochemical operations from its specialty-chemical businesses, saying that after assessing the possibility, such a move wouldn't improve productivity or capital allocation. Instead, it would hurt Dow's value proposition, "which leverages scale, integration costs and technology benefits."
Dow will continue to focus on spinning off its commodity-chemical activities.
Loeb made his call after disclosing three weeks ago that he had bought a $1.3B holding in Dow.