Today comes word that private equity firm KKR, the minds behind some of the biggest and most notorious leveraged buyouts on Wall Street, has joined a consortium of Middle Eastern investors to undertake what could be the biggest LBO thus far:

A consortium of Middle Eastern investors and American buyout firms is preparing a $50 billion approach for Dow Chemical Co. in what could be the world's biggest ever leveraged buyout, a paper said on Sunday. Quoting sources close to the deal, The Sunday Express, a UK tabloid paper, said a financing package has been put in place for a break-up bid of between $52 to $58 a share and an approach valuing the company at least $50 billion could come by the end of this week. Dow's shares closed up 35 cents at $44.47 on the New York Stock Exchange on Thursday. At least half of the capital is being provided by investors from Saudi Arabia, Kuwait, Bahrain, Qatar, UAE and Oman, with the rest contributed by a number of U.S. buyout firms including Kohlberg Kravis Roberts it said.

No word on whether the Dow's name will be changed to Dhow Chemical, whether it will be a component of the Dhow Jones Industrial Average, or whether like Halliburton, they company will move it's headquarters to Dubai.