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Dow Chemical, DuPont Shareholders Vote For Merger

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E I DuPont De Nemours And Co (NYSE: DD) and The Dow Chemical Company (NYSE: DOW) shareholders have voted to approve proposals necessary to complete the merger of equals transaction. Both the companies consider it a key milestone in the process to merge the two companies and subsequently follow the planned spins of three highly focused, independent firms.

Du Pont and Dow Chemical said they see the merger transaction to close in the second half of the current year, subject to customary closing conditions. Following the consummation of the merger, the merged entity would pursue the separation of it into three independent and publicly traded firms. The split would be Agriculture business, Material Science business and Specialty Products business.

The companies said the planned spin is expected to be consummated as quickly as practicable after the merger closing. However, they have indicated that consummation of the separations would not likely to exceed 18-24 months after the closure of the merger.

Dow Chemical Chairman and CEO, Andrew Liveries, said, "The overwhelming support of Dow and DuPont stockholders to approve this historic merger transaction is a clear testament to the compelling value proposition and enhanced shareholder value that DowDuPont represents."

Similarly, DuPont CEO, Ed Breen, stated: "We are now focused on important next steps toward completing the merger transaction, including working with regulators in the appropriate jurisdictions. We are confident that this merger will create long-term, sustainable value for stockholders and superior solutions and choices for customers."

 

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