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

The proposed cash deal, which places a large premium on R&H’s 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.