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

comments closed

Related News

October 23, 2021

INEOS to take leading role in the hydrogen revolution with launch of hydrogen campaign

Chemical Value Chain

INEOS, Europe’s biggest operator of electrolysis needed to produce clean, low carbon hydrogen, has doubled down on its €2 billion investment in green hydrogen with the launch of a hydrogen advocacy campaign. The campaign kicked off with the publication of a powerful editorial in the Sunday Telegraph on the hydrogen economy written by Sir Jim Ratcliffe, INEOS’s founder and chairman.

October 23, 2021

Vertellus completes acquisition of IM Chemicals

Chemical Value Chain

Vertellus, a manufacturer of specialty products for consumer goods, food & agriculture, healthcare, and industrial markets, today announced the completion of its acquisition of IM Chemicals. With the addition of IM Chemicals, Vertellus expands its specialty ingredients portfolio into new markets and bolsters its manufacturing capabilities in Europe.

October 23, 2021

Johnson Matthey announces research project aimed at catalytic reduction if dairy methane emissions

Chemical Value Chain

A new collaboration between scientists, engineers, industry and farming experts hopes to demonstrate how clever technology can reduce the powerful greenhouse gases released by livestock to help agriculture reach carbon emissions targets.

Send this to a friend