The American chemicals group DOW CHEMICALS has made a cash 400 pence-a-share bid for the British firm ASCOT (£311.9 million turnover in 1999 with a staff of 2,085), speacialised in fine chemicals, valuing the company at £305 million. DOW has announced that it already holds a 50.7% stake in ASCOT. The bid is, however, dependent on the British firm's selling off its last non-chemical assets (real estate and refrigeration equipment).