EU Looks Anew At Dow-DuPont -- WSJ
October 04 2016 - 3:04AM
Dow Jones News
By Natalia Drozdiak
BRUSSELS -- The European Union's antitrust authority on Monday
said it had resumed its review into the proposed merger of Dow
Chemical Co. and DuPont Co. after the parties submitted missing
information demanded of them.
The European Commission set a new date of Feb. 6, 2017 to
complete the investigation into the merger, though the deadline
could still be extended. The companies have previously said they
aim to close the deal before the end of this year.
The commission had halted the probe because of the missing
information in September, a month after the EU opened an in-depth
review into the merger on concerns the combination may reduce
competition in crop protection, seeds and certain
petrochemicals.
"The companies involved supplied the missing information and
therefore the commission restarted the clock," a European
Commission spokeswoman said.
"We remain focused on working with the European Commission
toward closing the transaction by year-end 2016," a Dow spokeswoman
said. "In the event that the commission utilizes the full allotted
time, closing would be expected to occur in the early part of
2017."
The proposed merger, disclosed in December, would unite the two
companies with a combined market capitalization of roughly $122
billion, before splitting into three separate companies. Dow and
DuPont in July privately outlined concessions to EU authorities to
address antitrust concerns in the bloc.
The EU's review into the Dow-DuPont deal comes as other rivals
in the industry also plan to merge.
China National Chemical Corp.'s planned $43 billion takeover of
Swiss seed giant Syngenta AG has been registered for review with
the EU competition authorities, while rival Monsanto Co. recently
agreed to sell itself to Bayer AG.
Write to Natalia Drozdiak at natalia.drozdiak@wsj.com
(END) Dow Jones Newswires
October 04, 2016 02:49 ET (06:49 GMT)
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