The European Union has approved the proposed merger of Dow Chemical and Du Pont, saying that the companies’ commitments to divest businesses have addressed its concerns.
Both plan to join in a $62 billion deal and then break apart into three separate, publicly traded companies. The companies would focus on agriculture, material science, and the production and sale of specialty products.
EU antitrust chief Margrethe Vestager said Monday that the bloc’s conditional approval ensures that the merger “does not reduce price competition for existing pesticides or innovation for safer and better products in the future.”
Dow and DuPont said in February they were willing to divest more business to address concerns. The EU says they will sell DuPont pesticide businesses and “almost the entirety of DuPont’s global R&D organization.”
Source: Associated Press via CNBC
During a European Industry Summit held on the site of BASF in Antwerp, leaders from basic industry sectors, representing 7.8 million workers in Europe, joined forces with European trade unions and European leaders to address pressing concerns regarding Europe’s industrial landscape.
The use of blue or low-carbon hydrogen, made from natural gas with carbon capture and storage (CCS), could increase near-term global warming by 50% compared with burning fossil fuels directly for energy if emissions are not properly managed, according to a new study by NGO the US Environmental Defense Fund (EDF) and the University of Arizona.
In a move to improve the supply of renewable hydrogen and thus reduce dependence on natural gas and contribute to achieving the objectives of the European Green Deal and the REPowerEU plan, the EU Commission has approved a third Important project of common European interest (IPCEI) to support hydrogen infrastructure.