GLG News by Mr. Jeff Moser, President
Analyses are solely the work of the authors and have not been edited or endorsed by GLG.
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Dow Ag interest heating up again
June 22, 2009
ChemChina Taps JPMorgan for Dow Chemical Unit Bid | www.cnbc.com
Dow's hand is forced regarding more divestitures to pay down ROH leverage. The only uncertainty is whether units like Ag will be sold outright or into a JV entity.
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June 4, 2009
SCR court battle heats up | fleetowner.com
Navistar has petitioned a Federal court to overturn EPA certification of competitors' SCR systems for 2010 NOx compliance. This could signal issues with Navistar's EGR only strategy as they seek to postpone the 2010 deadline.
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Platinum Demand: Long Road to Auto Recovery?
May 19, 2009
Platinum auto demand drop signals global slowdown | money.cnn.com
Major softening in demand for automotive emission catalysts has kept Platinum prices at levels half of record peaks. New CAFE and CO2 regulations may boost catalyst needs but overall vehicle builds may trump the demand curve.
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Carbon Fuel Crackdown - California Gets Tough
May 1, 2009
CARB OK's Low Carbon Fuel Rules | www.dieselprogress.com
Standards for petroleum, renewable, and alternative fuels in California have set the precedent for the nation's first restrictions on carbon fuel content.
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Dow Shedding Assets to Complete Transformation
May 1, 2009
Dow CEO Evaluating Divestiture of Dow AgroSciences | money.cnn.com
Dow has stated that ~$25 Billion in assets are to be divested in order to pay down debt from the ROH acquisition. With AgroSciences sure to fetch a meaningful premium all eyes are on Dow's remaining commodity units.
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California Scheming - Climate Change End Around Avoids Congressional Debate on CAFE
April 1, 2009
CARB Expects EPA Ruling on Fuel Economy in May | wardsauto.com
California appears poised to successfully regulate automotive fuel economy under the guise of climate change.
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Fuel for Thought - SCR Winning Over Industry Majors
March 27, 2009
Cummins Justifies Switch to SCR | www.trucknews.com
With more encouraging results from SCR systems in testing for 2010 the Heavy Duty market seems to be migrating toward widespread adoption.
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Money for Nothing - Growers Push for Carbon Cash Harvest
March 26, 2009
Farmers want Obama to make carbon a cash crop under climate law | www.bloomberg.com
Agricultural production is a significant net source of carbon emissions. Reducing planted acreage in the name of climate change may further tighten food supplies and keep prices high.
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On the Waterfront - Truckers KO California Port Control
March 25, 2009
Appeals court backs ATA in lawsuit against California ports | www.etrucker.com
California ports' Clean Trucks initiative has been dealt a setback and may see further issues in Federal Court. This may embolden industry to challenge future environmental regulations.
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The Truck Stops Here - for Urea refilling
March 25, 2009
Bringing SCR to NA takes teamwork | fleetowner.com
Large fleet customers are making preliminary 2010 engine decisions now; urea infrastructure concerns must be addressed for SCR engines to win widespread adoption.
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Volvo Banking on SCR Advantages for 2010
March 23, 2009
SCR will eliminate need for active DPF regeneration for Volvo trucks | fleetowner.com
Heavy Duty truck buyers are making preliminary 2010 sourcing decisions now; advantages in fuel economy will help shift OEM market share.
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March 10, 2009
Dow Chemical shares drop to new 24-year-low | www.reuters.com
Now that Dow has agreed to close the ROH deal it must act aggressively to restructure and reduce debt.
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The Cost of Clean - $10K hike for 2010 Trucks
March 4, 2009
Volvo: SCR will cost $9,600 | fleetowner.com
Volvo and Navistar will see comparable ~9K - $10K cost increases for their 2010 EPA emissions systems on Heavy Duty engines. With this significant price hike in a soft economy 2010 engine sales could suffer a meaningful drop.
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March 2, 2009
Dow in talks to sell stake in ag business: report | www.reuters.com
Desperate for cash to close on ROH, Dow and CEO Liveris are forced to evaluate all current businesses on a ' For Sale' basis.
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Bazaar Shopping: More MidEast Petrochem M&A Stewing?
February 26, 2009
Abu Dhabi's IPIC to buy debt-laden Nova Chemicals | www.reuters.com
Middle Eastern oil and gas producers hold most of the cards in future petrochemicals and plastics deals; more significant activity is expected on the heels of Nova.
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Hitting the Gas for Diesel Sales ?
February 23, 2009
Diesel to dip below gas as Valero raises output, aiding VW Jetta | www.bloomberg.com
Refinery output favors gas over diesel in the US market but capacity investments may finally help shift domestic fuel mix.
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Boosting Biofuels: Advanced Engine Tech Gives Ethanol a Lift
February 12, 2009
Ricardo Engine Technology Poses Potential Advancement for Ethanol | wardsauto.com
Ethanol suffers from a fuel economy penalty in today's engines due to its lower energy content per gallon vs. gasoline. Optimizing engine technology specifically for ethanol fuels can close the gap and make biofuels more viable.
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Dow: Cash Harvest from Ag Business to Fund ROH?
February 11, 2009
Dow AgroSciences Delivering Beyond Expectations | money.cnn.com
Dow must find $7 Billion in cash to replace the lost K-Dow JV investment. With all chemical sectors in depressed condition Dow's AgroSciences Business looms large as a growing, profitable divestment prospect.
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No Kuwaiti Calvary to Save Dow
February 11, 2009
KIA may reconsider support for Dow Chemical deal: report | www.reuters.com
Kuwaiti's Investment Authority has indicated it would chip in more funding for ROH, but only at a greatly reduced valuation. Dow remains on the hook for the original $78 share price.
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Dow's Hand is Forced Even Without Paulson
February 9, 2009
Paulson urges Dow to close Rohm and Haas deal | money.cnn.com
Dow must pursue all available avenues to address its cash shortfall - Paulson's 'advice' is taken with a healthy grain of salt but hits close to home.
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