20 July 2016
DETAILS
DuPont (NYSE:DD) and
The Dow Chemical Company (NYSE:DOW)
announced that, at their respective special meetings of
stockholders held today,
stockholders of both companies have voted
to approve all stockholder proposals necessary
to complete the merger of equals transaction
– a key milestone in the process to merge
the two companies and subsequently pursue
the intended spins of three highly focused,
independent companies.
The companies expect the merger transaction
to close in the second half of 2016,
subject to customary closing conditions,
including receipt of regulatory approvals.
DuPont and Dow intend that,
following the consummation of the merger,
the combined company will pursue
the separation of the combined company’s
* Agriculture business,
* Material Science business and
* Specialty Products business into
three independent, publicly traded companies,
subject to approval by the DowDuPont board
and receipt of any required regulatory approvals.
The intended subsequent separation into
three independent, publicly traded companies
is expected to be consummated
as soon as practicable following
the merger closing, but consummation of the separations
is not expected to exceed 18-24 months
after the merger closing.
Andrew N. Liveris
Dow’s chairman and chief executive officer
"The overwhelming support of Dow and DuPont stockholders
to approve this historic merger transaction
is a clear testament to the compelling value proposition
and enhanced shareholder value
that DowDuPont represents,”
“Today is a pivotal step toward bringing together
these two iconic enterprises, and to
the subsequent intended separation
into three leading, independent technology
and innovation-based science companies
that will generate significant benefits
for all stakeholders.”
Ed Breen,
chair and chief executive officer of DuPont
“We are pleased to receive such strong support
from our stockholders, which represents
an essential milestone
in the combination of our two companies
and our intention to subsequently separate
into three independent companies.
We are now focused on important next steps toward
completing the merger transaction, including
working with regulators in the appropriate jurisdictions.
We are confident that this merger
will create long-term, sustainable value
for stockholders and superior solutions and choices
for customers.”
Dow Contacts
Investors
Neal Sheorey
nrsheorey@dow.com
+1 989-636-6347
Media
Rachelle Schikorra
ryschikorra@dow.com
+1 989-638-4090
DuPont Contacts
Investors
Greg Friedman
greg.friedman@dupont.com
+1 302-774-4994
Media
Dan Turner
daniel.a.turner@dupont.com
+1 302-996-8372
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