SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934
Date of Report (Date of earliest event reported): June 30, 1997
THE DOW CHEMICAL COMPANY
(Exact name of registrant as specified in its charter)
Delaware 1-3433 38-1285128
(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification No.)
incorporation)
2030 Dow Center, Midland, 48674
Michigan
(Address of principal executive (Zip Code)
offices)
Registrant's telephone number, including area code: (517) 636-
1000
Not applicable
(Former name or former address, if changed since last report.)
Item 5. Other Events
The Dow Chemical Company issued two press releases on June
30, 1997, the texts of which are as follows:
June 30, 1997
FOR MORE INFORMATION:
Darlene MacKinnon
The Dow Chemical Company
2030 Dow Center
Midland, MI 48640
517/636-2876
DOW ACQUIRES LILLY INTEREST IN DOWELANCO
June 30, 1997 - The Dow Chemical Company has completed its
purchase of Eli Lilly and Company's 40 percent stake in DowElanco
for $900 million plus Lilly's share of undistributed earnings.
The purchase, which is the result of Lilly's exercise of its
option to sell, makes Dow the sole owner of DowElanco.
DowElanco, with annual sales of $2 billion, is one of the world's
largest research-based agricultural products companies. The
company is also the majority owner of Mycogen Corporation, a
diversified agricultural biotechnology company.
"We are very excited about the opportunity to become 100 percent
owners of DowElanco," said William S. Stavropoulos, Dow's
president and CEO. "We see tremendous value growth potential in
the agricultural products industry, especially as a result of
DowElanco's strong position in biotechnology. This acquisition
is a strong fit with our growth strategy which focuses on high-
value businesses that complement our core strengths and adds to
our growing portfolio of less cyclical performance businesses."
###
June 30, 1997
FOR FURTHER INFORMATION:
Darlene MacKinnon
The Dow Chemical Company
2030 Dow Center
Midland, MI 48674
517/636-2876
Dow Sells its Shares of Destec Energy, Inc. to NGC Corporation
June 30, 1997 - The Dow Chemical Company has completed the sale
of its 45 million shares (more than 80 percent of the outstanding
stock) of Destec Energy, Inc. to NGC Acquisition Corporation for
$21.65 per share. On February 18, 1997, Dow announced that it
had agreed to the merger of Destec Energy, Inc. and NGC
Acquisition Corporation. The merger was ratified by
shareholders at Destec's Annual Meeting of Stockholders on June
4, 1997 and the transaction was approved by the Federal Energy
Regulatory Commission on June 25, 1997.
Dow's sale of Destec Energy, Inc. is consistent with the
company's strategy to maximize shareholder value through the
divestment of assets that do not fit with its long-term strategic
objectives.
Dow intends to use the proceeds from this sale for the continued
repurchase of its own shares and for other general corporate
purposes.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.
THE DOW CHEMICAL COMPANY
Registrant
/s/G. MICHAEL LYNCH
G. Michael Lynch
Vice President and
Controller
Date: June 30, 1997
