Dow, DuPont make proposal to satisfy European regulators
Dow and DuPont have offered to sell businesses to satisfy European antitrust regulators about the companies’ proposed $120 billion merger. The deal has been delayed because regulators want more information about Dow and DuPont’s competing businesses in insecticides, herbicides and seeds.
The two companies had initially expected their deal to close late last year, but a Dow spokeswoman told Dow Jones Newswire they now expect to close in the first of half of this year. The spokeswoman says planned spin-offs into three separate companies will happen about 18 months after that.
The proposal submitted to the EU includes selling off some of DuPont’s crop protection business, as well as Dow’s business in acid copolymers and ionomers used in food packaging and sealants.
The European Commission now has until April 4th to finish reviewing the proposed merger.
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