Dow Chemical Co. (DOW) is “optimistic” that an arbitration panel will rule favorably on its claim that Kuwait owes at least $2.5 billion for breaching a 2008 agreement to buy a stake in the company’s plastics business.
The arbitration tribunal of the International Chamber of Commerce in London is expected to rule on claims against Kuwait’s Petrochemicals Industries Co. “very soon,” Rebecca Bentley, a spokeswoman for Midland, Michigan-based Dow, said in an e-mail today.
“Nothing has diminished our position that PIC was required to close, and that PIC owes substantial damages to Dow,” Bentley said. “We remain very optimistic about the reward.”
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