USA: Chemical Industry Dupont and Dow Announce Closing Date for Merger
Dupont and The Dow Chemical Company announced that all required regulatory approvals and clearances have been received, that all conditions to closing of their merger of equals have been satisfied, and that their merger of equals will close after the market closes on August 31, 2017.
Wilmington/USA — As part of the merger, shares of Dow and Dupont will cease trading at the close of the New York Stock Exchange on August 31. Shares of Dow Dupont will begin trading on the NYSE under the stock ticker symbol “DWDP” on September 1, 2017.
The Boards of Directors of both companies reiterate their support of the merger agreement. In addition, both Boards support a comprehensive portfolio review for the new company, which is intended to assess current business facts and leverage the knowledge gained over the past year and a half to capture any material value-enhancing opportunities in preparation for the intended creation of three industry-leading companies.
The Boards have jointly commenced the review and have engaged Mckinsey & Co. to assist the companies in this assessment. The lead independent directors of each company are working together to oversee the process.
“The management teams and directors of both companies are in regular dialogue with our shareholders, and we have undertaken significant preparation work in advance of the close,” said Jeff Fettig, Lead Director of Dow.
“As a collective board we are committed to delivering maximum, long-term shareholder value by ensuring that each of the intended companies will have clear focus, an appropriate capital structure, a distinct and compelling investment thesis, scale advantages, and focused investments in innovation to better deliver superior solutions and choices for customers.”