WILMINGTON, Del.—DuPont Co. has pulled out of its planned all-cash $5.2 billion acquisition of Rogers Corp., a day shy of a year after the deal was announced, due to an inability to obtain "timely" clearance from regulators in China.
Wilmington-based DuPont will pay Rogers, based in Chandler, Ariz., a termination fee of $162.5 million. Rogers shares dropped by 43 percent on the news, while DuPont's rose by 6 percent.
The companies had said at the end of September that they had received required regulatory clearance in every region except China.
The deal was part of DuPont's strategy to increase its business in fast-growing sectors such as electric vehicles. Rogers' portfolio of engineering materials includes industrial and medical polyurethanes sold under the Poron brand name, R/bak open cell urethane cushion mounting materials, and XRD impact protection materials.