Exhibit 99
THE DOW CHEMICAL COMPANY
UNION CARBIDE CORPORATION
For more information, contact:
Sue Breach, (517) 636-3920 Sean S. Clancy, (203) 794-6976
The Dow Chemical Company Union Carbide Corporation
The following news release is issued jointly by The Dow Chemical Company and
Union Carbide Corporation.
Dow and Union Carbide Anticipate
Third Quarter Completion of Merger
MIDLAND, MICH. AND DANBURY, CONN. (June 14, 2000) -- The Dow Chemical Company
(NYSE: DOW) and Union Carbide Corporation (NYSE: UK) today announced an
expected third quarter close of the proposed merger. The companies are
currently working to receive clearance from the U.S. Federal Trade Commission
and the Canadian Competition Bureau. They received final approval of the
merger from the European Commission (EC), subject to certain conditions, on
May 3 and have already initiated steps to fulfill those conditions.
"We have been working diligently with the regulatory authorities and are
making good progress," said William S. Stavropoulos, Dow's president and chief
executive officer. "Transactions of this size and complexity that involve
technology, typically take longer than one might initially expect, but we are
confident we can bring this to resolution within a short timeframe." He
added, "Completing the transaction as early as is practical is our goal, so
that the merger can deliver value to shareholders of both companies."
For more background information about the proposed merger, visit www.dow.com
or www.unioncarbide.com.
