The Dow Chemical Company and DuPont today jointly provided an update on the status of the anticipated merger of the two companies.
The Boards of Directors of both companies reiterate their support of the merger agreement. In addition, as announced, both Boards support a comprehensive portfolio review for DowDuPont, which is intended to assess current business facts and leverage the knowledge gained over the past year and a half to capture any material value-enhancing opportunities in preparation for the intended creation of three industry-leading companies.
The Boards have jointly commenced the review and have engaged McKinsey & Co. to assist the companies in this assessment. The lead independent directors of each company are working together to oversee the process. The DowDuPont Board is expected to review the results soon after the merger closes.
"Dow and DuPont leadership are committed to maximizing the tremendous value creation potential of the merger and anticipated spins," said Alexander (Sandy) Cutler, Lead Director of DuPont. "Our review will provide an in-depth look at the portfolio mix and alignment across divisions to ensure we capitalize on all value-enhancing opportunities. The output of the review will be an immediate focus for the DowDuPont Board following merger close. If the results of our review demonstrate there is net greater long-term value creation to be realized through a change in the portfolio, it will be pursued."
The companies reaffirmed their expectation to close the merger in August 2017, with the intended spin-offs to occur within 18 months of closing.
Additional information is available at www.dowdupontunlockingvalue.com.