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
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