New York, Dec 12: Dow Chemical and DuPont have announced that they will merge to create the world’s biggest chemical company.
The all-stock deal values the merged company at USD 130 billion (118.5 billion euros) and the new group will be split into three separate entities: agriculture, specialty chemicals and materials, they said on Friday.
Following the merger, DuPont said it would cut staff by 10 per cent.
Dow Chief Executive Andrew Liveris will become executive chairman of the new company, DowDuPont, while DuPont’s CEO Ed Breen will be his CEO.
A statement said that the “highly synergistic transaction” was expected to produce run-rate cost synergies of around USD 3 billion and approximately USD 1 billion in growth synergies.
