The boards of directors of DuPont (NYSE: DD) and The Dow Chemical Co. (NYSE: DOW) say the companies have launched a comprehensive portfolio review of the combined operation to be created by a planned $130 billion merger. The boards also released a statement reaffirming their support of the merger and the expectation for the deal to close in August.

The study aims to identify "value-enhancing opportunities" ahead of the intended creation of three companies. That includes an $18 billion agriculture spinoff that will have a major presence at the current Dow Agrosciences facility in Indianapolis. The spinoffs of the newly-named DowDuPont are expected within 18 months of the merger closing.

Last month, the companies received approval from the U.S. Department of Justice’s Antitrust Division for the merger. The agreement is still subject to court approval. In May, the companies announced the members of what will be the DowDuPont Boards of Directors. It will include 16 members, eight from Dow and eight from DuPont.

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