GLG News by Mr. Jeff Moser, President
GLG News is now G+ Insights
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G+ is a community for professionals, academics and entrepreneurs to connect through online discussions and in-person meetings. You will continue to see G+ Insights (formerly GLG News) here as well as on the G+ website, where you can share and discuss the G+ Insights you read.
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Dow's Hand is Forced Even Without Paulson
February 9, 2009
Paulson urges Dow to close Rohm and Haas deal | money.cnn.com
Dow must pursue all available avenues to address its cash shortfall - Paulson's 'advice' is taken with a healthy grain of salt but hits close to home.
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February 5, 2009
Dow board would consider dividend cut: CEO | www.reuters.com
With major debt loads hovering over Dow's balance sheet and no buyer in sight for the basics portfolio Dow must explore every possible avenue for cash flow improvement. Investors can no longer look to the dividend yield as a prop for the stock price as Dow's investment ratings remain in jeopardy.
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February 5, 2009
Dow says Rohm agreement not binding at this point | www.reuters.com
Dow has already conceded that they may face default on key lending terms if they are forced to close the ROH deal as signed. Other draconian implications loom in the background as CEO Liveris struggles to renegotiate two huge deals.
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Flush with cash, Oil and Gas producers may drive petrochem M&A
February 4, 2009
Hard times mean hard-nosed M&A for those with cash | www.reuters.com
With petrochemical producers suffering through the worst demand slump in a quarter century their stock prices reflect a long term value play. Add in synergies from lower cost feedstocks and vertical integration with major oil and gas producers may drive M&A in this sector.
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Green and Mean - Obama turns Climate dogs loose on Automakers
January 26, 2009
Obama to let states set auto emission rules | www.cnn.com
The Clean Air Act of 1970 and its 1990 amendments have always given California authority to set tighter tailpipe emission standards than the rest of the country, but not to mandate better fuel economy. Now, under the guise of CO2 emissions, Obama's administration is set to allow just that.
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Dow scrambling to pull of ROH deal
January 23, 2009
Dow-Rohm & Haas deal nears FTC approval | uk.reuters.com
The aborted Kuwaiti JV leaves Dow over $7 Billion short in cash needed to finance ROH takeover. CEO Liveris must now quickly find a partner or buyer for the basics businesses.
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Cummins De-Integrating to Focus on Value Core
January 23, 2009
Cummins Emissions to Partner with Emcon, Close Wisconsin Plant | www.truckinginfo.com
Cummins' announcement to close their WI emissions plant is reflects an ill-advised entry into non-core supply chain segments.
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Rohm and Haas weathering the storm
January 21, 2009
UPDATE 1-Rohm and Haas plans to cut 900 jobs | www.reuters.com
While ROH waits for Dow to close the deal they must conduct business as usual and maintain ongoing operations as a separate entity.
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Food or Fuel - Are Biodiesel Incentives Sustainable?
January 21, 2009
IRS Proposes Biodiesel Tax Incentive | www.irs.gov
Increased demand for biofuel feedstocks will keep prices higher for food crops and may price these fuels out of the market.
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The 'D-Word' - Will Dioxin Scare Disrupt Trucking's 2010 SCR Plans?
January 16, 2009
Cummins has full confidence in its SCR | fleetowner.com
Many engine OEMs plan to use SCR catalysts for EPA 2010 NOx compliance. Copper bearing SCR formulations are popular but Copper is known to promote Dioxin formation under certain conditions. The industry and EPA must come to agreement on approval of these SCR formulations.
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Control Freaks - Can Dow let go?
January 9, 2009
Kuwait to Counter any Dow Legal Action | www.reuters.com
Dow Chemical's aborted JV with Kuwait would have raised over $7 Billion for a 50% stake of existing basics portfolio. Now that Dow scrambles to fill that hole it may have to cede control of any JV or sell the businesses outright.
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January 6, 2009
Dow to pursue legal options against Kuwait | money.cnn.com
Dow Chemical must bridge a $7 Billion gap to pay for Rohm & Haas now that the Kuwaitis have bailed out of the proposed JV. With business valuations sharply lower today Dow may have to assume significant additional debt in order to close the R&H acquisition.
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Dow M&A: Sound Strategy or CEO Hubris?
December 18, 2008
Dow Chemical: Cutting Jobs Instead of the Merger Price | blogs.wsj.com
Dow CEO Andrew Liveris bet the future of the entire company on his 2-stage M&A based transformation: Sell commodity businesses into a Kuwaiti JV and use the proceeds to buy Rohm & Haas. Priced at obsolete valuations both of these deals now seem questionable. Any fallout could cost Dow and Liveris dearly.
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Will the Sun Set on New Polysilicon Investments?
December 17, 2008
Dow Corning, Hemlock To Invest Up To $3 Billion In Polysilicon Growth | money.cnn.com
Obama's call for significant new renewable energy generation may drive the need for more solar / PV capacity. Dow Corning and Hemlock may be relying on this prospect to pay back their $3 Billion polysilicon investment.
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Gulf to Gulf - US Petrochemical industry taking flight?
December 11, 2008
Dow Chemical to cut 5000 jobs | money.cnn.com
Cheaper feedstocks and new ethylene capacity in the Middle East have threatened the critical mass of US petrochemical infrastructure. Redundant plants may be permanently closed as new production grows offshore.
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Green Energy needs subsidies to compete
December 10, 2008
Alternative energy ideas power down | www.delawareonline.com
Wind and solar power are effective options for satisfying marginal generating demand during peak consumption periods. If conventional generating capacity is sufficient then the 'Green' alternatives become economically disadvantaged.
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Will Green Government Suffocate Trucking?
November 26, 2008
Incentivise the transport industry to cut emissions | www.publicservice.co.uk
European nations have used taxes and tolls to 'optimize' truck freight tonnage and reduce pollution and greenhouse gas emissions. With an aggressive environmental agenda the new US government may seek to harmonize domestic standards with the Europeans.
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Petrochem Giants in Crisis Mode
November 20, 2008
BASF Cuts Profit Goal, to Idle Plants as Orders Drop | www.bloomberg.com
Capacity shutdowns by Dow and BASF will pressure smaller players to rationalize their own operations. If liquidity is insufficient to weather an extended downturn consolidation of global capacity is likely; voluntary or not.
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Consumers pinched as petrochem prices hold firm
November 13, 2008
Oil falls but not prices of petro-based consumer goods | www.detnews.com
Falling oil prices have not led to price relief from major chemical and plastics producers. Consumers will continue to see higher prices on everyday goods from diapers to toothpaste and toilet paper.
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Navistar walking the EGR tightrope for 2010
November 11, 2008
Making EGR-only work for 2010 | fleetowner.com
Heavy Duty diesel truck engines must meet stringent EPA NOx emissions standards in 2010. Solutions include SCR catalysts and/or high EGR rates. The tradeoffs in performance and fuel economy may define market share among the major engine makers.
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