DowDuPont today announced the merger between The Dow Chemical Co. in Midland and E.I. du Pont de Nemours and Co. (DuPont) in Wilmington, Del. has been completed and took effect on Aug. 31. The combined entity is operating as a holding company under the name DowDuPont with three divisions: agriculture, materials science, and specialty products.
Shares of DuPont and Dow ceased trading at the close of the New York Stock Exchange (NYSE) on Aug. 31 as well. Beginning today, DowDuPont will begin trading on the NYSE under the stock ticker symbol DWDP. Pursuant to the merger agreement, Dow shareholders received a fixed exchange ratio of 1.00 share of DowDuPont for each Dow share, and DuPont shareholders received a fixed rate exchange ratio of 1.282 shares of DowDuPont for each DuPont share.
“Today marks a significant milestone in the storied histories of our two companies,” says Andrew Liveris, executive chairman of DowDuPont. “We are extremely excited to complete this transformational merger and move forward to create three intended industry-leading, independent, publicly traded companies.
“The true value of this merger lies in the intended creation of three industry powerhouses that will define their markets and drive growth for the benefit of all stakeholders. Our teams have been working for more than a year on integration planning, and as of today, we will hit the ground running on executing those plans with an intention to complete the separations as quickly as possible.”
The board of directors of DowDuPont is comprised of 16 members, eight directors formerly on the Dow and DuPont boards, respectively. The two lead directors will be Jeffrey Fettig, who previously served as the lead independent director for Dow, and Alexander Cutler, who served as the lead independent director for DuPont. Liveris serves as the executive chairman of the board. Other board members include:
- James A. Bell, former CFO of Boeing
- Raymond J. Milchovich, former chairman and CEO of Foster Wheeler AG
- Paul Polman, CEO, Unilever and Unilever N.V.
- Dennis H. Reilley, non-executive chairman for Marathon Oil Corp.
- James M. Ringler, chairman of Teradata Corp.
- Ruth G. Shaw, former group executive for public policy and president of Duke Nuclear
- Lamberto Andreotti, former chair of the board and CEO of Bristol-Myers Squibb Co.
- Robert A. Brown, president of Boston University
- Marillyn A. Hewson, chairman, president, and CEO of Lockheed Martin Corp.
- Lois D. Juliber, former vice chairman and COO of Colgate-Palmolive Co.
- Lee M. Thomas, former chairman and CEO of Rayonier Inc.
- Patrick J. Ward, CFO of Cummins Inc.
More information about DowDuPont can be found here.