Dow Chemical Co. and Union Carbide Corp. announce a merger agreement valued at $11.6 billion, creating the world's second largest chemical company, behind DuPont. Under the tax-free, stock-for-stock transaction, Union Carbide shareholders will receive 0.537 shares of Dow for each Union Carbide share they own. The companies expect to achieve annual cost savings of at least $500 million. In addition, the companies say they expect to “significantly reduce per unit costs.” When the ...

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