FMC Corporation announced that it has received approval from the Competition Commission of India (CCI) for the proposed acquisition of a portion of DuPont’s Crop Protection business.
The CCI is the final jurisdiction to grant antitrust clearance needed to satisfy regulatory conditions for closing.
“FMC is pleased to have received CCI’s approval,” said Pierre Brondeau, FMC,CEO, and chairman. “We are on track to close our transactions with DuPont on November 1, 2017.”
FMC announced on March 31, the signing of a definitive agreement for FMC to acquire a portion of DuPont’s Crop Protection business that it must divest to comply with the European Commission ruling related to its merger with The Dow Chemical Co.
FMC will acquire DuPont’s global chewing pest insecticide portfolio, its global cereal broadleaf herbicides, and substantially all of DuPont’s global crop protection R&D capabilities. Additionally, DuPont will acquire FMC’s Health and Nutrition segment and receive $1.2 billion in cash.
The transaction will affect the Newark area with FMC taking over a portion of DuPont’s Stine-Haskell research site and DuPont taking over an FMC manufacturing site near Newark.
FMC has annual revenue of $3.3 billion. The company is based in Philadelphia.
The closing of the DuPont asset transaction is expected to occur in the fourth quarter.
