Dow Chemical Reports Closure Of Proceedings In K-Dow Arbitration - Quick Facts

(RTTNews.com) - The International Court of Arbitration of the International Chamber of Commerce or the "ICC" released the final award amount, representing interest and costs, in the arbitration case between The Dow Chemical Co. ( DOW ) and Petrochemical Industries Company of Kuwait or PIC regarding the K-Dow transaction.

The final interest and costs granted to Dow amounts to $318 million, as of today, and is in addition to the partial award of $2.16 billion announced last May - resulting in full damages awarded to Dow equal to $2.48 billion. The company said this is the last step in the disciplined arbitration process, bringing the process to a close. Both the partial and final awards are binding and non-appealable.

"Payment of these damages of nearly $2.5 billion will allow Dow to accelerate its priority uses for cash by further strengthening our balance sheet," said Andrew Liveris, Dow's chairman and chief executive. The total award amount is subject to continuing interest until Dow receives payment. Counsel for Dow is Shearman & Sterling.

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