MIDLAND, Michigan and WILMINGTON, Delaware - A proposed merger that would impact a major Indiana employer has received a big vote of confidence from one side of the deal. The board of directors at Michigan-based Dow Chemical Co. (NYSE: DOW), the parent of Dow AgroSciences LLC in Indianapolis, is unanimously supporting the $130 billion combination with DuPont (NYSE: DD).

If approved, the proposed "merger of equals," as executives are calling it, would is expected to create an estimated $3 billion in savings for what would be named DowDuPont.

A key piece of the deal is the plan to divide the massive business into three publicly traded companies. One of which would focus on agriculture and involve Dow AgroSciences. The ag spinoff would be valued at around $19 billion and company officials say it would create the industry's "most comprehensive and diverse portfolio and a robust pipeline with exceptional growth opportunities in the near-, mid- and long-term." The other two independent, publicly-traded companies would focus on material science and specialty products.

Dow AgroSciences employs approximately 1,500 in Indianapolis. Parent company, Dow Chemical, announced in late October it has been considering "all options with a best-owner mindset" for the subsidiary. This potential move predates the proposed merger of Dow and DuPont. Dow's board calls the combination "the optimal path forward and a win for all of our shareholders."

Plans call for Dow and DuPont shareholders to have a 50-50 stake in the resulting company. If all obligations and approvals are met, the deal could close in the second half of next year.