Dow Chemical and DuPont agreed to combine operations, creating a chemical and agricultural giant with a combined market value of about $130 billion. The deal itself — valued at $68.6 billion — is among the top 20 biggest mergers ever, USA Today reports.
The two companies will become DowDuPont. After completing the deal, they plan to split into three companies — one focused on agriculture, one on material science and one on specialty products. They estimated it would take up to two years to complete the tax-free split. Until then, shareholders of each company will hold 50% of the combined company.
Dow Chemical CEO Andrew Liveris will become executive chairman of the new entity, while DuPont CEO Edward Breen will become chair and CEO.
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Source: USA Today
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