The Dow Chemical Company announced that it has reached an agreement to sell its global Ethylene Acrylic Acid or EAA copolymers and ionomers business to SK Global Chemical Co., LTD., a subsidiary of SK Innovation, as a part of the ongoing regulatory approval process for the proposed Dow and DuPont merger transaction.
The divestiture will be conditioned on Dow and DuPont closing their merger transaction, in addition to other closing conditions, including regulatory filings, local employment law and governance obligations.
As per terms of the purchase agreement, SK Global Chemical will honor certain customer and supplier contracts and other agreements. Both companies are working together for a seamless transition for all stakeholders.
Given current regulatory agency status, merger closing for the proposed Dow and DuPont transaction would be expected to occur in the first half of 2017, subject to satisfaction of customary closing conditions, including receipt of all regulatory approvals. Dow and DuPont expect the intended business separation transactions to be about 18 months after the merger close.
Source: RTT News
Neste announced that the EU Innovation Fund has given a positive grant decision of €88-million funding to Neste’s green hydrogen and CO2 capture & storage project, which aims to quickly and efficiently reduce greenhouse gas emissions at the Porvoo refinery in Finland.
Shell has been incorporated in the UK with Dutch tax residence and dual share structure since 2005. Under its new proposal, which shareholders will vote on in December, it will move its tax residence from the Netherlands to the UK, adopt a single share structure that will increase the amount of cash it can return to shareholders, and drop “Royal Dutch” from its name and simply be called Shell.
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