Dow, DuPont Reach Agreement With DOJ

Posted: Updated:
Edward Breen (left) is chief executive officer of DuPont and Andrew Liveris (right) is CEO of Dow. Edward Breen (left) is chief executive officer of DuPont and Andrew Liveris (right) is CEO of Dow.
WILMINGTON, Del. and MIDLAND, Mich. -

The proposed $130 billion merger of DuPont (NYSE: DD) and The Dow Chemical Co. (NYSE: DOW) has cleared another key hurdle. The companies say they have received approval from the U.S. Department of Justice's Antitrust Division which would permit the merger to move forward.

The agreement is still subject to court approval. The companies say if approval is granted, there would be no further approvals required in the U.S. for the merger to close. Both Dow and DuPont continue to expect the deal to close in August.

The agreement includes a previously-announced decision for DuPont to divest a portion of its crop protection business, while Dow will divest its global Ethylene Acrylic Acid copolymers and ionomers business. The divestitures are already part of commitments made to obtain regulatory clearance in Europe.

"We are very pleased that the DOJ has approved this transaction," said Andrew Liveris, chairman and chief executive officer of Dow. "With today's DOJ clearance, we have taken a significant step forward in bringing together these two iconic enterprises, and in the subsequent intended separation into three leading, independent innovation-based science companies that will generate significant benefits for all stakeholders."

Once the merger closes, the newly-named DowDuPont will spin out into three independent, publicly-traded companies, including a $18 billion agriculture spinoff that will have a major presence at the current Dow Agrosciences facility in Indianapolis. The spin-offs are expected to take place within 18 months of the merger closing.

Last month, the companies announced the members of what will be the DowDuPont Board of Directors.

  • Perspectives

    • Indiana Cracks Top 10 in Forbes Best States For Business Rankings

      Forbes recently released its annual ranking of the best states for business. Indiana cracked the top ten coming in at 10th for 2017. Forbes analyzed approximately 40 metrics spanning six category groupings. Not surprising, many of the "usual suspects" show up in the best and worst states.

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • Indiana Cracks Top 10 in Forbes Best States For Business Rankings

      Forbes recently released its annual ranking of the best states for business. Indiana cracked the top ten coming in at 10th for 2017. Forbes analyzed approximately 40 metrics spanning six category groupings. Not surprising, many of the "usual suspects" show up in the best and worst states.

    • Cold Beer Sales Next up in Senate Committee

      Two high-profile bills that would change the state's alcohol laws are in the spotlight Wednesday at the Statehouse. Senate Bill 26, which would extend cold beer carryout sales to grocery, convenience and drug stores is set to go before the Public Policy Committee. Also, House Bill 1051 received approval Wednesday morning from the House Public Policy Committee. It involves Sunday carryout sales from noon-8 p.m. in package liquor, grocery, convenience and drugs stores.

    • Work Begins on $389M Regional Health Center

      Officials have broken ground on what Bloomington Mayor John Hamilton calls the largest single economic development investment in the city's history. The $389 million Indiana University Health Regional Academic Center will include a new Indiana University Health Bloomington Hospital and IU's health sciences and other related academic and research facilities. IU President Michael McRobbie says the center will usher in "a completely new era..."

    • Purdue to Lead $27M Autonomous Intelligence Center

      Purdue University is set to lead a five-year, $27 million project aimed at developing brain-inspired computing for intelligent autonomous systems such as drones and personal robots. The university says the goal is to have these systems operating without human intervention. 

    • Former Lake County Sheriff Sentenced to Prison

      A former Lake County Sheriff will spend more than 15 years behind bars. U.S. District Court Judge James Moody sentenced John Buncich after he was convicted on fraud and bribery charges.