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Closing of Dow-DuPont merger delayed until 1Q 2017
HOUSTON, October 25, 2016 (PCW) – The closing of the merger between Dow Chemical and DuPont has been delayed from 2H 2016 to 1Q 2017 as regulators continue to review the deal.
Last week, the European Commission delayed its deadline to provide a decision on the transaction to February as it pays particular attention to possible antitrust issues, particularly in the agricultural sector.
On Tuesday, in DuPont’s 3Q earnings release, its CEO Ed Breen said: “In the event that regulators in those jurisdictions use their full allotted time, closing would be expected to occur in the first quarter of 2017.”
DuPont reported 3Q net earnings of $2 million, down from $235 million seen in 3Q 2015. The decline was largely due to a continued loss in the agricultural segment and currency headwinds. -- Samantha Hartke