DuPont downplays significance of Euro regulators stopping the clock on pending merger
European Union regulators have halted consideration of a mega-merger between Dow and DuPont after claiming that needed information has not been received, Reuters and other news outlets reported.
he news service reported that regulators had “stopped the clock” on consideration of the deal.
DuPont downplayed the significance of the move with the following statement from spokesman Dan Turner.
Under current plans, once Dow and DuPont merge, the combined companies would spin off three publicly traded enterprises that include agriculture.Delaware, which has seen the loss of 1,700 jobs, Delaware, – which has seen the loss of 1,700 jobs under DuPont CEO Ed Breen, who helped engineer the merger – has a lot riding on the merger, since the First State will have two of the three headquarters of the spin-off companies.
The Dow DuPont merger also contributed to a domino effect with German chemical and pharma giant Bayer bidding for Monsanto and a Chinese chemical company snapping up Swiss-based Syngenta.
Earlier DuPont and Dow officials confirmed that extended consideration of the merger might push a final decision by European regulators into 2017.
Share prices of both companies tumbled in Friday trading. However, the announcement came on the same day that that Dow Jones Index fell more than 2 percent on possible delays in interest rate hikes and a nuclear test in North Korea.
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