Dow Chemical raises asset sale target by $1.5B-$2B

|About: Dow Chemical Co. (DOW)|By:, SA News Editor

Dow Chemical (DOW +0.5%) says it will seek to raise up to $6B from asset sales, $1.5B-$2B more than its earlier target, as it plans to streamline operations by shedding old business lines it can no longer grow, CEO Andrew Liveris says.

The CEO does not say what else the company has decided to put on the block, but says additional sales will be profitable but slow-growth business units that are minor parts of DOW's portfolio, primarily in the functional materials and performance materials groups.

Activist investor Daniel Loeb of Third Point has been pushing DOW to go even further and split off its petrochemicals business and focus on specialty materials, but the company opposes such a move; a UBS analyst says DOW appears committed to deliver more value than the split-up proposal.