MOSCOW (MRC) -- The planned merger of DuPont Co. and Dow Chemical Co. remains on track to close by the end of this year, DuPont’s chief executive said, as the companies negotiate with antitrust authorities overseeing major global markets, said The Wall Street Journal.
Dow and DuPont have outlined potential remedies to European Union antitrust officials, while competition authorities in the U.S., China and Brazil also scrutinize the deal, DuPont CEO Ed Breen said Tuesday.
"We always expected a very thorough review because of the size" of the deal, Mr. Breen said in an interview. "We planned to close before the end of the year and still think we’re on that timeline."
The blockbuster merger, agreed in December, would create a company with a combined market cap of about USD122 billion before splitting it up into three separate entities focused on plastics and chemicals, agricultural seeds and pesticides, and specialty products like food ingredients and safety equipment. The merger of two stalwarts of U.S. industry is among the most ambitious in a wave of deals sweeping the agricultural and chemical sectors, driven partly by sliding commodity markets.
DuPont is an American chemical company that was founded in July, 1802. The company manufactures a wide range of chemical products, leading extensive innovative research in this field. The company is the inventor of many unique plastics and other materials, including neoprene, nylon, Teflon, Kevlar, Mylar, Tyvek, etc. DuPont was the developer and main producer of Freon used in the production of refrigeration equipment.
The Dow Chemical Company is an American multinational chemical corporation. Dow is a large producer of plastics, including polystyrene, polyurethane, polyethylene, polypropylene, and synthetic rubber. In 2014, Dow had annual sales of more than USD58 billion and employed approximately 53,000 people worldwide.
MRC