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Friday, November 21, 2014

Dow Chemical, Dan Loeb settle board debate, (NASDAQ: FWLT)

Dow Chemical Co averted a proxy fight with Dan Loeb's hedge fund, Third Point LLC, by agreeing to add four independent directors to its board, sending its shares up as much as 4.5 percent.Third Point, one of Dow's biggest investors with a 2 percent stake, was considering a proxy contest after talks with Dow over board seats broke down, Reuters reported on Thursday.Dow said on Friday the company and the hedge fund had agreed to a one-year standstill agreement, which means Third Point will not publicly criticize the company for that period.The company has agreed to add to the board two Third Point nominees - former Foster Wheeler AG CEO Raymond Milchovich and Steve Miller, the non-executive chairman of AIG .

Foster Wheeler AG (Foster Wheeler) is a supplier of engineering, construction and project management contractor and power equipment. Shares of FWLT traded higher by 2.65% or $0.78/share to $30.20. In the past year, the shares have traded as low as $28.69 and as high as $34.95. On average, 633192 shares of FWLT exchange hands on a given day and today's volume is recorded at 102850.