WILMINGTON, Del. and MIDLAND, Mich. — China’s Ministry of Commerce has granted conditional regulatory approval of the proposed merger of DuPont and The Dow Chemical Co., the companies announced.
The approval is conditional on DuPont and Dow fulfilling commitments given to the ministry in connection with the clearance, according to a news release.
Consistent with commitments already made to obtain the European Commission’s regulatory approval for the proposed merger of equals, Dow and DuPont will divest certain parts of DuPont’s crop protection portfolio and research and development pipeline and organization, and Dow’s global ethylene acrylic acid copolymers and ionomers business.
The companies said they also have made commitments related to the supply and distribution in China of certain herbicide and insecticide ingredients and formulations for rice crops for five years after the closing of the proposed merger of equals.
The approval continues the progress that the companies have made to secure regulatory clearances around the world for their merger.
China is a critical market for both Dow and DuPont, and will be for the three intended independent companies that will be created following the merger, the companies said.
Dow and DuPont said they are working with regulators in the remaining relevant jurisdictions to obtain clearance for the merger, which they are confident will be achieved.
On March 27, the European Commission conditionally approved the merger.
The companies expect to close the merger to occur between Aug. 1 and Sept. 1, with the intended spin-offs to occur within 18 months of closing. They expect that the first step of the intended separation process will be the spin-off of the Materials Science Company, assuming such sequencing would allow for the completion of all intended spin-offs within 18 months of merger closing and would not adversely impact the value of the intended spin-offs.
More information is available at www.dowdupontunlockingvalue.com.
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