Daniel Loeb, the activist investor of hedge fund Third Point, took a brief break from his focus on auction house Sotheby’s this week to exert more gentle pressure on another holding, Dow Chemical, as news outlets including Reuters reported Thursday.
Third Point told investors in a letter issued Thursday that Dow has taken some “shareholder-friendly actions,” but is still “under-earning its potential in its petrochemical businesses,” according to a report in the Financial Times. The hedge fund had written another letter in January, in which it urged Dow to divest some of its businesses. It did not repeat that suggestion in Thursday’s letter, the Financial Times noted, but it mentioned Dow’s “unconvincing integrated strategy.”
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