Dow Chemical says it will pursue legal action against Kuwait's Petrochemical Industries Company (PIC), after Kuwait's decision last month to pull out of their planned $17.4 billion joint venture, K-Dow. The company says it has been approached by other interested parties about possible jv's with Dow for the basic plastics businesses. PIC says it is not in breach of contract, and it indicates that it would contest any legal action by Dow. Dow disputes PIC's characterization of the agreement and maintains that PIC was obligated to close the deal on January 2.
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