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DowDuPont Sets End Date for Merger

Friday, August 11, 2017

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Chemical giants The Dow Chemical Company (Midland, Michigan) and DuPont (Wilmington, Delaware) have announced that all required regulatory approvals and clearances have been received, signaling an end date for the two companies’ merger.

The Dow Chemical Company

Chemical giants The Dow Chemical Company and DuPont have announced that all required regulatory approvals and clearances have been received, signaling an end date for the two companies’ merger.

The $130 billion deal was announced in December 2015, with officials adding that DuPont CEO Edward Breen will serve as CEO of DowDuPont, and Dow CEO Andrew Liveris will fill the role of executive chairman.

Stocks & Spinoffs

In a shared press release, the companies said that the merger will close on Aug. 31, after the market closes. Shares of the individual companies at the New York Stock Exchange will also end at that point, and on Sept. 1, DowDuPont will begin trading under the ticket DWDP.

Spin-offs are still expected to occur within 18 months. The company will be split into three different entities.

The Material Science Company will include DuPont’s Performance Materials segment along with Dow’s Performance Plastics, Performance Materials and Chemicals, Infrastructure Solutions and Consumer Solutions. These businesses include the companies’ coatings-related unit, such as Dow Polyurethanes and Dow Coating Solutions.

The Specialty Products Company will encompass DuPont’s Nutrition and Health, Industrial Biosciences, Safety and Protection and Electronics and Communication segments, as well as Dow’s Electronic Materials.

DuPont

The $130 billion deal was announced in December 2015, with officials adding that DuPont CEO Edward Breen, left, will serve as CEO of DowDuPont and Dow CEO Andrew Liveris will fill the role of executive chairman.

The Agriculture Company will include both companies’ seed and crop protection businesses.

Divestitures

The Department of Justice and Federal Trade Commission approved the DowDuPont transaction in mid-June, on the condition that each company make divestitures, which had already been announced.

Dow announced in February that it planned to sell its Ethylene Acrylic Acid copolymers and ionomers business to SK Global Chemical Co. Ltd. Dow and DuPont were the country’s only suppliers of acid copolymers and ionomers, which are used in consumer product packaging and industrial applications such as metalized building panels. Seoul-based SK is a manufacturer of olefins, aromatics, performance chemicals and polymers, as well as synthetic rubber.

In March, DuPont entered into an agreement with FMC Corporation for the sale of a portion of its Crop Protection business. In that deal, DuPont acquired FMC’s Health and Nutrition business and received $1.2 billion cash from FMC in exchange for what FMC called “a significant portion” of DuPont’s Crop Protection business.

   

Tagged categories: Business matters; Dow Chemical Company; DuPont; Mergers

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