A Kuwaiti official told the Financial Times that the deal had been cancelled partly as a result of the decline in the value of Dow Chemical's assets and partly as a result of pressure from Kuwait's parliament.
The about-turn comes just weeks after Dow Chemical reaffirmed an agreement for a joint venture with Kuwait's state oil company at a reduced price. The group was to receive $9bn from Kuwait Petroleum Corporation for a 50 per cent stake in its commodity chemicals business.
The Kuwait deal was intended to help Dow Chemical raise cash to invest in higher-margin businesses, including its planned $15bn takeover of speciality chemicals group Rohm & Haas.
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