Dow Chemical Co. (NYSE: DOW), the No. 1 chemical maker in the U.S., won a $2.16 billion arbitration case against Petrochemical Industries of Kuwait over the 2008 termination of a planned joint venture, Dow said Thursday.

The decision by the London-based International Court of Arbitration is final and binding, the Midland, Mich.-based chemical company said. The Kuwaiti company canceled a contract to form a 50-50 venture with a Dow unit, a move that cost Dow a $9 billion payment, Bloomberg News said.

Dow shares rose 81 cents, or 2.7 percent, to $31.33 in afternoon trading.