The changing face of global finance came into stark relief yesterday as Dow Chemical tapped Warren Buffett and Kuwait's sovereign wealth fund to help pay for its $18.8bn (£9.5bn) takeover of US rival Rohm & Haas.

The proposed cash deal, which places a large premium on Rohm & Haas' recent valuation, will leave Mr Buffett as the single largest shareholder in the enlarged group and cement long-standing ties between Kuwait's government and Dow Chemical.