Dow, DuPont Merger Wins Shareholder Approvals

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. The final voting results weren't immediately available. However, DuPont Chairman and Chief Executive Ed Breen, in prepared remarks, commented "we are pleased to receive such strong support from our stockholders."

The deal is expected to closed 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 [e-mail]

(END) Dow Jones Newswires

July 20, 2016 11:52 ET (15:52 GMT)

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