The financial media this week is covering the settlement of the lawsuits between Dow Chemical Co. and two former executives, Romeo Kreinberg and J. Pedro Reinhard. One of the more interesting stories I've seen the past few days is in today's The New York Times business section, titled "Secret Life of a Deal." The story looks at court documents and pieces together the timeline and players of "Project Achilles," the name the pair gave to their secret plan to try to take over Midland, Mich.-based Dow. The story notes that "the case and its juicy depositions weren't just about two rogue employees. It pulled the curtain back on a netherworld of deal makers on various continents who had become wrapped up in this plot." Some juicy tidbits from the story:
- If they had been successful, the pair would have ousted Dow CEO Andrew Liveris and made Kreinberg CEO and Reinhard chairman.
- The would-be takeover team tried to get Len Blavatnik, owner of Basell Polyolefins, to participate in the deal.
- Reinhard sought $5 million from the Sultanate of Oman to resign from Dow and work on the buyout.
- JPMorgan executives met with Kreinberg and Reinhard in secret at a hotel outside London, the Compleat Angler. The group had "hired entire hotel for confidentiality." Looks like a nice place. Let's hope they tipped well and made it worthwhile for the staff.