Dow Chemical has fired two executives after discovering they were in unauthorised talks to sell the company, following press reports that the company was planning a leveraged buyout.

Dow terminated the employment of Pedro Reinhard, a senior adviser and board director member, and Romeo Kreinberg, an officer on the chemical company's executive leadership committee. Dow said the pair were involved in business that was "highly inappropriate" and "a clear violation" of Dow's code of conduct.