MIDLAND, Mich., April 12 (UPI) -- U.S. chemical producer Dow Chemical Co. said Thursday it fired two senior executives who it said had held "unauthorized discussions" about selling the company.
Pedro Reinhard, a senior adviser and member of the board of directors, and Executive Vice President Romeo Kreinberg had "engaged in business activity that was highly inappropriate and a clear violation of Dow's code of business conduct," the Midland, Mich., company said.
The company said it learned about the misconduct Tuesday, informed its board Wednesday and fired Reinhard and Kreinberg Thursday morning "with full support of the board."
A story in London's Sunday Express said private-equity firms and Middle Eastern investors were close to announcing a $50 billion company buyout. The story said at least half the money would come from the Middle Eastern investors, with the rest coming from Kohlberg Kravis Roberts & Co. and other U.S. buyout firms.
Dow said Monday it was not in discussions about a leveraged buyout.
Reinhard, who joined the company in 1970, was its chief financial officer from 1995 through 2005 and executive vice president from 1996 through 2005.
Kreinberg joined the company in 1977 and was named an executive vice president in 2005.
They had no immediate comment.
