EU Antitrust Regulator Suspends Dow-DuPont Merger Review
September 09 2016 - 9:07AM
Dow Jones News
By Natalia Drozdiak
BRUSSELS--The European Union's antitrust regulator on Friday
said it had suspended its deadline for a review into the proposed
merger of Dow Chemical Co. and DuPont Co. because the companies
hadn't submitted important information demanded of them.
"The commission has stopped the clock in its in-depth
investigation into the proposed merger between Dow and DuPont,"
said European Commission spokesman Ricardo Cardoso. "To comply with
merger deadlines, parties must supply the necessary information for
the investigation in a timely fashion."
The suspension will probably delay the EU's investigation,
throwing a wrench into the companies' previous plans to close the
transaction before the end of the year.
The firms last week said it was possible the deal's closing date
could move to early 2017 after the commission set Jan. 11 as its
most recent deadline for the review. Extensions to EU merger
reviews are common.
Spokespeople at Dow and DuPont said Friday's announcement didn't
change the companies' timing expectations on the deal's
closing.
"This is a routine procedural part of the European Commission
process," a Dow spokeswoman said.
The EU in August opened an in-depth probe into the merger on
concerns the combination may reduce competition in crop protection,
seeds and certain petrochemicals.
The proposed merger, disclosed in December, would unite the two
companies with a combined market capitalization of roughly $122
billion, before splitting into three separate companies. Dow and
DuPont in July privately outlined concessions to EU authorities to
address antitrust concerns in the bloc.
Once the companies submit the requested information, the
commission will then restart the clock on its merger review.
Write to Natalia Drozdiak at natalia.drozdiak@wsj.com
(END) Dow Jones Newswires
September 09, 2016 08:52 ET (12:52 GMT)
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