Dow Chemical Co. may miss next week''s deadline to clinch the $15 billion takeover of Rohm & Haas in an effort to raise enough cash to complete the deal without taking on too much debt, according to Reuters. The largest U.S. chemical maker said that it will take legal action against Petrochemical Industries Co. of Kuwait for backing out of a joint venture. Dow had planned to use proceeds from the joint venture to repay a large part of the debt financing for the Rohm & Haas acquisition. Dow is considering new partners for the proposed joint venture and has already been approached by two companies interested in its basic plastics business, as reported by Reuters. Dow is prepared to pay the penalty for missing the deadline for the closure of the Rohm & Haas takeover, which also includes $3.7 billion of the target company''s debt. The original agreement, signed in July, contains a "ticking fee" that requires Dow to pay around $100 million more for every month of delay in closing the transaction.