Abstract
Dow Chemical and DuPont completed their merger last Thursday, Aug. 31, after the stock market closed, to form DowDuPont, the world’s largest chemical company by sales. But DowDuPont won’t be here for long. Managers’ ultimate goal is to split the new firm into three separate companies within 18 months. Dow and DuPont combine for nearly $73 billion in annual sales. On the basis of recent stock prices, DowDuPont has a market capitalization approaching $150 billion. DowDuPont’s stock began trading on the New York Stock Exchange under the ticker symbol DWDP on Sept. 1. The company replaces DuPont in the Dow Jones Industrial Average, continuing chemical industry representation in the stock index. When the merger was first announced in December 2015, the companies expected to complete their deal in the second half of 2016, but an in-depth investigation by European Commission antitrust regulators delayed it. Regulators worried that the combined strength
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