DowDupont: board approves split, starting in April
(CercleFinance.com) - US chemicals giant DowDuPont said on Friday that its plan to split into three companies has been approved by the company's board.
As previously announced, the separation of DowDuPont's materials science division, which will become the new "Dow," will be effective as from 1 April.
The move will be followed by the separation of Corteva Agriscience, the group's agriculture division, from the new DuPont on 1 June, it added.
Under the terms of the deal, each DowDuPont shareholder will receive one share of Dow common stock for every three shares of DowDuPont common stock they hold.
"The new Dow is a more focused, disciplined and market-oriented company," said Jim Fitterling, chief operating officer of the materials science division and chief executive officer-elect of Dow.
"We are fully prepared," he added.
After the separation, Dow will be an independent, publicly traded company. It is anticipated that the shares will begin trading on the New York Stock Exchange around 20 March.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
As previously announced, the separation of DowDuPont's materials science division, which will become the new "Dow," will be effective as from 1 April.
The move will be followed by the separation of Corteva Agriscience, the group's agriculture division, from the new DuPont on 1 June, it added.
Under the terms of the deal, each DowDuPont shareholder will receive one share of Dow common stock for every three shares of DowDuPont common stock they hold.
"The new Dow is a more focused, disciplined and market-oriented company," said Jim Fitterling, chief operating officer of the materials science division and chief executive officer-elect of Dow.
"We are fully prepared," he added.
After the separation, Dow will be an independent, publicly traded company. It is anticipated that the shares will begin trading on the New York Stock Exchange around 20 March.
Copyright (c) 2019 CercleFinance.com. All rights reserved.