DowDuPont Moves Closer to Fruition
The proposed $130 billion merger of The Dow Chemical Co. (NYSE: DOW) and DuPont (NYSE: DD) has received shareholder approval. Officials say the combination is expected to be complete later this year.
DowDuPont, as it will be named, will then spin-out into three, independently-traded entities involved in agribusiness, material sciences and specialty products. That part of the plan will still need approval of the mega-company’s board and it must also clear regulatory hurdles, all of which could take up to two years.
If all hurdles are cleared, plans call for the $18 billion ag-focused business, the largest of its kind in the world to be based in Delaware, but have a presence in Indianapolis. Dow AgroSciences LLC employs around 1,400 in central Indiana and state officials staged a major play earlier this year to convince company leadership to keep the state in future plans.
Last month, Dow and DuPont shareholders began the voting process.
Dow Chief Executive Officer Andrew Liveris said the shareholders demonstrated "overwhelming support" of the deal. "Today is a pivotal step toward bringing together these two iconic enterprises, and to the subsequent intended separation into three leading, independent technology and innovation-based science companies that will generate significant benefits for all stakeholders," he said.
You can view more about the approval by clicking here.