Dow Chemical and DuPont today that all conditions to closing their merger have been satisfied, including required regulatory clearances, and that the deal will close after market close on 31 August.
Shares of Dow and DuPont will cease trading at the close of the New York Stock Exchange (NYSE) on 31 August. Shares of DowDuPont will begin trading on the NYSE under the stock ticker symbol “DWDP” on 1 September.
The merger is expected to be followed by separation into three independent, pure-play companies within 18 months. The companies will include a materials science company, an agriculture company, and a specialty products company. Dow chairman and CEO Andrew Liveris will be named executive chairman and DuPont chairman and CEO Edward Breen will be named CEO of combined company.
DuPont said in an 8-K filing late Friday that board member James Gallogly, former LyondellBasell CEO, will not serve on the board or advisory committees of DowDuPont as planned. “Gallogly informed DuPont that he will be pursuing other opportunities that could present a conflict with service at DowDuPont,” the filing says. No further details were immediately available. Patrick Ward, CFO of Cummins, is expected to serve on the board of DowDuPont in Gallogly’s place.
By Robert Westervelt
Source: Chemical Week
Corteva (Indianapolis, Indiana) says it has signed a definitive agreement to acquire Stoller Group (Houston, Texas), a producer of biostimulants and plant nutrition products, for $1.2 billion. Stoller is one of the largest independent biologicals companies globally, with operations in more than 60 countries and more than $400 million in annual sales.
OMV has announced its new corporate structure today, designed to fully enable the delivery of Strategy 2030. The new organization will be built on five distinct areas. In addition to the CEO and CFO areas, three business segments will be established: Chemicals & Materials, Fuels & Feedstock, and Energy.
The European petchem sector is readying for some tough quarters. It’s a different picture in the US. So is this the best time ever to find a new role in the chemical industry? If you are in Europe, you would expect me to say probably not. But actually, it depends. So let me give you four answers to this question.
