Andrew Liveris will give the Third Point chief the share buyback program he wants—not because he asked for it, but because Dow was going to do it anyway. But he’s having none of this “spin off your petrochemical business” nonsense, because Warren Buffett says he doesn’t have to.
Liveris revealed in a “Squawk Box” interview that he met with Buffett this week, and the Berkshire Hathaway boss said: “‘We’re an owner and we like being an owner. And frankly, we think you’ve been running the company for the investors who will stay versus the investors who will leave.'”
A Buffett representative confirmed this exchange….
Liveris said he has yet to meet with Loeb. “We’ve tried a few times. And we’re getting our schedules organized. I look forward to it.”
But he wanted to assure Loeb and other shareholders that Dow and its board have “looked at every single option” to unlock value for investors.