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Dow Chemical agrees to buy Union Carbide

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Midland, Mich.--The Dow Chemical Co. announced Wednesday that it has agreed to acquire Union Carbide Corp., Danbury, Conn., in a stock deal valued at $11.6 billion, including the assumption of $2.3 billion in net debt. The deal would create the world's second largest chemical company, behind DuPont. It would have combined annual revenue of more than $24 billion, operating income of $3 billion and a combined market capitalization of $35 billion. The combined company would employ about 49,000 people in 168 countries.
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