Dow, DuPont Merger Wins Shareholder Approvals -- Update
July 20 2016 - 1:47PM
Dow Jones News
By Tess Stynes
Dow Chemical Co. and DuPont Co. said their shareholders have
approved the chemical giants' plans to merge and later break up
into three companies.
Votes were cast in separate special meetings early Wednesday,
and approval was widely expected. DuPont Chairman and Chief
Executive Ed Breen, in prepared remarks, commented "we are pleased
to receive such strong support from our stockholders."
According to a regulatory filing, roughly 824.8 million Dow
Chemical shareholder votes were cast in favor of the merger deal,
while about 13.1 million voted against it and 10.7 million
abstained.
The company recently had 1.13 billion shares outstanding,
according to FactSet.
The final voting results for DuPont weren't immediately
available.
The deal is expected to close in the second half of the year,
pending needed approvals from regulators.
The merged company, which would be called DowDuPont, will
include products ranging from corn seeds to Kevlar fiber to foam
chemicals used in sneaker soles and serve as a vehicle for reducing
costs before breaking up 18 to 24 months after the merger
closes.
"We are continuing to work with key regulatory authorities in
the U.S. and around the world related to the merger in the major
jurisdictions where we operate," a DuPont spokesman told The Wall
Street Journal.
The new companies, each to be publicly traded, would focus on
agriculture, material sciences and specialty products in nutrition
and electronics.
Write to Tess Stynes at tess.stynes@wsj.com
(END) Dow Jones Newswires
July 20, 2016 13:32 ET (17:32 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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