DuPont-Dow Merger Approved by Shareholders07/21/2016
Shareholders for agriculture and chemicals companies DuPont and Dow Chemical have approved their merger. After it’s complete, the century-old companies plan to break up into three parts.
The companies held meetings where shareholders voted on the deal. According to ABC News, DuPont said 98 percent of shareholders who participated in its meeting voted in favor of the combination, while Dow Chemical said 97 percent of participating shareholders did the same.
Both Dow and DuPont were pushed by activist investors to break up or find other ways to revitalize their businesses. They agreed to merge in December in an all-stock deal valued at about $62 billion.
They expect the combination to be official by the end of 2016, but regulators will still have to approve it.
Within two years, the company plans to split into three separate publicly traded companies. One company will focus on agriculture, one on material science, and one will make and sell specialty products.