DuPont/Dow Proceed with Equality Merger Proposal; Receive DOJĺs Clearance
| Subj: Mergers and acquisitions
DuPont andáTheáDow ChemicaláCompany have announced thatáthey have reached aáproposed agreement withátheáAntitrust Division ofátheáUnited States Department ofáJustice (DOJ) thatáwillápermit theácompanies toáproceed withátheir proposed merger ofáequals.
Step toáUnite Iconic Companies
Andrew Liveris, Dowĺs chairman andáchief executive officer, said:
Ed Breen, chair andáchief executive officer ofáDuPont, said:
Ľ Ináconnection withátheáproposed agreement andáconsistent withácommitments already made toáobtain theáEuropean Commissionĺs regulatory approval, DuPont willádivest certain parts ofáits crop protection portfolio andáDow willádivest its globaláEthylene Acrylic Acid copolymers andáionomers business.
Theácompanies reiterated thatátheámerger transaction is expected toágenerate cost synergies ofáapproximately $3ábillion andágrowth synergies ofáapproximately $1ábillion.
Toádate, Dow andáDuPont have obtained clearance inámany jurisdictions, including approvals inátheáU.áS., Europe, BraziláandáChina. Theácompanies are working constructively witháregulators inátheáremaining jurisdictions toáobtain clearance forátheámerger andáare making progress ináfulfilling theárequirements ofátheáconditionaláapprovals thatáhave already been received.
Theácompanies reaffirmed their expectation toáclose theámerger ináAugust 2017, withátheáintended spin-offs toáoccur withiná18ámonths ofáclosing.