Ex-Dow executive: I wasn't part of secret buyout effort

A 37-year veteran of Dow Chemical Co. who spent 10 years as chieffinancial officer before being fired as a senior adviser denied thecompany's accusation that he was involved in a clandestine buyouteffort directed at the chemical giant.

"I categorically deny that I have been part of any secret effortto take over or acquire Dow Chemical," J. Pedro Reinhard said in awritten statement Monday. "It is regrettable that the company hasrushed to publicly condemn me in the face of my complete denial ofwrongdoing."

Andrew Liveris, Dow Chemical's chairman and chief executiveofficer, said Thursday that Reinhard, who retired as the Midland,Mich.-based company's CFO in October 2005, and Romeo Kreinberg, adivisional executive vice president, were dismissed with the boardof directors' approval.

They were accused of holding buyout talks without the board'sknowledge.

Reinhard still is involved with the company as a director becauseonly shareholders, not management, can remove a director from theboard, but a step was taken in that direction on Monday.