Dow deal with Kuwait reopened?

The Kuwait Times newspaper Web site is reporting that Dow Chemical Co. and Petrochemical Industries Co. (PIC) of the State of Kuwait may be renegotiating their proposed $11 billion joint venture. The companies want to conclude the deal by the end of the year. The joint venture, to be named KDOW and based in Michigan, will manufacture and market chemicals including polyethylene, polypropylene, and polycarbonate. It is unclear from the report exactly what Dow and PIC are renegotiating, but it wouldn't be a big surprise if executives on both sides are taking a look at how the global slowdown, plummeting polymer prices and falling prices for gas and oil would impact their deal. I don't see any red flags here implying that the deal is in danger. If anything, Dow's "asset light" strategy might more sense today than it did when it was first revealed a year ago.