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/ OMB APPROVAL /
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| FORM 3 | U.S. SECURITIES AND EXCHANGE COMMISSION
+--------+ WASHINGTON, D.C. 20549
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
(Print or Type Responses)
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1. Name and Address of Reporting Person*
The Dow Chemical Company
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(Last) (First) (Middle)
2030 Dow Center
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(Street)
Midland Michigan 48674
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(City) (State) (Zip)
2. Date of Event Requiring Statement (Month/Day/Year) 08/03/99
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3. IRS Identification Number of Reporting Person, if an Entity
(Voluntary) 38-1285128
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4. Issuer Name and Ticker or Trading Symbol Union Carbide Corporation (NYSE:UK)
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5. Relationship of Reporting Person(s) to Issuer (Check all applicable)
[ ] Director [ ] Officer [X] 10% Owner [ ] Other
(give title below) (specify below)
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6. If Amendment, Date of Original (Month/Day/Year)
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7. Individual or Joint Group Filing (Check Applicable Line)
X Form Filed by One Reporting Person
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_____ Form filed by More than One Reporting Person
TABLE I--NON-DERIVATIVE SECURITIES BENEFICIALLY OWNED
<TABLE>
<CAPTION>
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1. Title 2. Amount of 3. Ownership Form: 4. Nature of
of Securities Bene- Direct (D) or Indirect Bene-
Security ficially Owned Indirect (I) ficial Ownership
(Instr. 4) (Instr. 4) (Instr. 5) (Instr. 4)
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<S> <C> <C> <C>
Common Stock, par 0/1/ D
value $1.00 per
share
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</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
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/1/ On August 3, 1999, The Dow Chemical Company ("Dow") and Union Carbide
Corporation ("UCC") entered into a Stock Option Agreement pursuant to which UCC
granted Dow an option (the "Option") to purchase up to 26,502,964 shares, or
such number of shares of UCC Common Stock as represents 19.9% of the then-
outstanding shares of UCC Common Stock, at a price per share of $48.8125.
However, Dow disclaims beneficial ownership of shares of UCC Common Stock which
are purchasable by Dow upon exercise of the Option on the grounds that the
Option is not presently exercisable and only becomes exercisable upon the
occurrence of the events set forth in the Stock Option Agreement, none of which
have occurred.
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FORM 3 (continued)
TABLE II--DERIVATIVE SECURITIES BENEFICIALLY OWNED
(e.g., puts, calls, warrants, options, convertible securities)
<TABLE>
<CAPTION>
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1. Title of Derivative 2. Date Exer- 3. Title and Amount of Securities 4. Conversion 5. Ownership 6. Nature of In-
Security (Instr. 4) cisable and Underlying Derivative Security or Form of direct Bene-
Expiration (Instr. 4) Exercise Derivative ficial
Date Price Security: Ownership
(Month/Day/ of Direct (D) (Instr. 5)
Year) Derivative or In-
---------------------------------------------------- Security direct (I)
Date Expira- Amount or (Instr. 5)
Exer- tion Title Number of
cisable Date Shares
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<S> <C> <C> <C> <C> <C> <C> <C>
See footnote 1
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</TABLE>
**Intentional misstatements or omissions of facts constitute Federal Criminal
Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
/s/ J. Pedro Reinhard 08/13/99
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J. Pedro Reinhard, Executive Vice President Date
and Chief Financial Officer of The Dow Chemical
Company, on behalf of The Dow Chemical Company
**Signature of Reporting Person
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, See Instruction 6 for procedure.
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