MIDLAND, Mich.—Dow Chemical Co. and DuPont Co. have set a closing date for their merger of equals.
The firms disclosed in a news release that all required regulatory approvals and clearances have been received, all conditions to the closing of their merger have been satisfied and the deal will close after the market closes on Aug. 31.
Shares of Dow and DuPont will cease trading at the close of the New York Stock Exchange on Aug. 31. On Sept. 1, shares of DowDuPont will begin trading under the symbol "DWDP."
The companies expect the intended spin-offs to occur within 18 months of closing. DowDuPont intends to create three independent companies, the first consisting of the combined firm's material science business, which will keep the Dow name and include its polyurethane operations, according to the release. The other businesses will focus on specialty products and agriculture.
The deal originally was expected to be finalized by the end of 2016, but was slowed by the complexity of an asset swap between DuPont and FMC Corp. European Union regulators required some pesticide and polymer assets to be sold before it would give the merger the go-ahead. As a result, in a $1.6 billion deal, DuPont is selling herbicides and insecticides to FMC, acquiring food and pharmaceutical ingredients plus a large cash payment in return.
Dow reported 2016 sales of $48 billion with 56,000 worldwide employees and consists of more than 7,000 product families manufactured at 189 sites in 34 countries.