Dow Chemical, DuPont Set Date for Merger Completion
Post date: Aug 8, 2017 8:05:25 AM
Dow Chemical DOW and DuPont DD said that they have received all required regulatory approvals and clearances for their planned mega-merger. The companies expect their 'merger of equals' to complete after the market closes on Aug 31.
Shares of both the companies will cease trading at the close of the NYSE on Aug 31. Moreover, shares of the new combined entity, "DowDuPont" will start trading on the NYSE under the ticker symbol "DWDP" on Sep 1.
Following the completion of the merger, the combined entity would eventually break up into three independent companies through tax-free spin-offs. The planned breakup is still expected to take place within 18 months after the completion of the deal.
The merger is projected to deliver cost synergies of around $3 billion and growth synergies of roughly $1 billion.
Dow's shares gained 19.6% over the past year, modestly underperforming the 20.3% gain of the industry it belongs to.
Read more: http://www.nasdaq.com/article/dow-chemical-dupont-set-date-for-merger-completion-cm827896