Sector News

Corteva cleared for June spin off from DowDuPont

May 8, 2019
Chemical Value Chain

DowDuPont’s board has approved the previously announced separation of DowDuPont’s agriculture division, which will become Corteva Agriscience on 1 June, after Corteva’s registration filing was declared effective by the Securities and Exchange Commission.

“This milestone marks the completion of all the regulatory requirements for us to separate into a leading pure-play independent agriculture company on June 1,” said James Collins, Corteva’s CEO. “Corteva Agriscience is well positioned to drive long-term value for shareholders as we leverage our balanced portfolio and robust innovation pipeline.”

Each DowDuPont stockholder will receive one share of Corteva common stock for every three shares of DowDuPont common stock. Corteva “when-issued” trading will begin on the New York Stock Exchange (NYSE) on 24 May. Following the spin-off, Corteva common stock will begin regular trading on 3 June under the symbol “CTVA.”

Dow Chemical and DuPont announced plans to merge in December 2015 with plans to realign the combined business into three independent, publicly traded companies. DowDuPont completed the spinoff of its material science business as Dow on 1 April. Following the Corteva distribution, DowDuPont will comprise the remaining specialty products business and operate as DuPont, completing the separation into three companies.

DowDuPont intends to change its registered name to DuPont de Nemours and operate as DuPont starting 1 June. The company’s common stock is expected to trade on the NYSE under the ticker symbol “DD,” the pre-merger DuPont ticker, beginning on 3 June. DowDuPont also plans a reverse stock split ratio of one share of DowDuPont common stock for three shares of current DowDuPont common stock and to implement the reverse split immediately following the Corteva distribution.

By Robert Westervelt

Source: Chemical Week

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