Dow Chemical 2015 Annual Report Download - page 154
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144
NOTE 28 – PLANNED RESTRUCTURE OF DOW CORNING
On December 10, 2015, the Company entered into a definitive agreement with Corning to restructure the ownership of Dow
Corning, a 50:50 joint venture between Dow and Corning. Under the terms of the agreement, Corning will exchange with Dow
Corning its 50 percent equity interest in Dow Corning for 100 percent of the stock of a newly formed entity owned 100 percent
by Dow Corning ("SplitCo") (collectively, the "Transaction"). SplitCo will hold an approximately 40 percent equity interest in
the Hemlock Semiconductor Group and approximately $4.8 billion of cash. As a result of this Transaction, Dow will obtain a
100 percent ownership interest in Dow Corning. Dow and Corning will maintain their current equity interest in the Hemlock
Semiconductor Group. It is anticipated that Dow Corning will incur approximately $4.5 billion of indebtedness in order to fund
the contribution of cash to SplitCo. The Transaction is subject to closing conditions, including, but not limited to, customary
regulatory approvals, receipt by Corning of certain tax opinions and consummation by Dow Corning of financing required to
fund the contribution of cash to SplitCo. The Transaction is expected to close in the first half of 2016.