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Dow Chemical launches sale of chlorine and epoxy units -sources

September 26, 2014
Chemical Value Chain
(Reuters) – Dow Chemical Co has kicked off a process to sell its epoxy and chlorine businesses, hoping to find a single buyer for them in what is set to be a multibillion-dollar deal, according to people familiar with the matter.
 
The Midland, Michigan-based company has hired Goldman Sachs Group Inc and Barclays Plc to manage the process, the people said this week, adding that calls to potential buyers began this week.
 
Combined, the epoxy and chlorine businesses have annual earnings before interest, taxes, depreciation and amortization of close to $500 million, the people said.
 
The value of assets is not yet clear. It will depend on if and how they will be carved out of their contractual arrangements and the tax implications of their separation, the people cautioned. Initial estimates place their value between $3.5 billion and $4 billion, the people added.

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