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
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