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
3M and Dow have announced they are cutting thousands of roles from their global workforces in response to economic pressures. Dow has said it will cut 2,000 jobs across its global workforce (around 5%) in a bid to save US$1bn in 2023. The company says it will also cut costs by shutting down “select assets”, though it did not note where it would halt operations.
Sweden’s state mining firm has discovered what could be Europe’s largest rare earths deposit, and says it could help the bloc reduce its reliance on imports of minerals needed to manufacture clean technologies and meet climate targets.
Henkel and Avantium have been partners since 2019, when Henkel joined the PEFerence consortium. This consortium of partners, coordinated by Avantium, aims to establish an innovative supply chain for FDCA and PEF (polyethylene furanoate).
