DuPont downplays significance of Euro regulators stopping the clock on pending merger

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One of two DuPont buildings at Chestnut Run earning LEED Gold status

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.

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“This is a routine procedural part of the EC process. It does not change our timing expectations,” Turner stated.
 Concern has been growing over the effects of the deal that would create a company with a large chunk of the seed and agriculture chemical market. Iowa U.S. Senator Charles Grassley plans to hold a hearing on the merger.

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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