Shearman & Sterling represented The Dow Chemical Company in private placements of $7.0 billion of preferred stock as part of the firm's representation of Dow in connection with its acquisition of Rohm and Haas Company.

Dow issued and sold 3,000,000 and 1,000,000 shares of Series A convertible perpetual preferred stock to Berkshire Hathaway Inc. and The Kuwait Investment Authority, respectively, for an aggregate price of $4 billion. Dow also issued and sold 1,500,000 of its Series B perpetual preferred stock to certain trusts for the benefit of charitable beneficiaries and certain Haas family members and 1,000,000 shares of Series B perpetual preferred stock to certain funds and accounts managed by Paulson & Co. Inc., each of whom was a significant shareholder of Rohm and Haas, for an aggregate price of $2.5 billion. Additionally, Dow issued and sold 500,000 shares of Series C convertible perpetual preferred stock to the Haas family trusts for an aggregate price of $500 million.

The Shearman & Sterling team included partners Joel Klaperman (New York-Capital Markets) and Lona Nallengara (New York-Capital Markets); associates Tim Andison (New York-Capital Markets), Dorman Yale (New York-Capital Markets), and Summer Kim (New York-Capital Markets; and legal assistant Al Bobek (New York-Capital Markets).

For more information, please contact: Ron Brandsdorfer | New York | T +1.212.848.5081 |