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
France has launched an offshore green hydrogen production platform at the country’s Port of Saint-Nazaire this week, along with its first offshore wind farm. The hydrogen plant, which its operators say is the world’s first facility of its type, coincides with the launch of another “first of its kind” facility in Sweden dedicated to storing hydrogen in an underground lined rock cavern (LRC).
The project sets up the Hydrogen Valley in Rome, the first industrial-scale technological hub for the development of the national supply chain for the production, transport, storage and use of hydrogen for the decarbonization of industrial processes and for sustainable mobility.
At first glance, hydrogen seems to be the perfect solution to our energy needs. It doesn’t produce any carbon dioxide when used. It can store energy for long periods of time. It doesn’t leave behind hazardous waste materials, like nuclear does. And it doesn’t require large swathes of land to be flooded, like hydroelectricity. Seems too good to be true. So…what’s the catch?