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DowDuPont alters breakup plans

2017年 9月 12日 星期二 - 01:06

Under pressure from activist shareholders, the chemicals giant is changing its plan to split into three units just weeks after completing its $130 billion merger.

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Yours, mine and ours, but that makeup is already changing just weeks after Dow Chemical and DuPont completed their $130 billion marriage. Facing intense pressure from big shareholders, the newly renamed DowDupont is changing its plan to split into three units: specialty-chemicals, materials and agriculture. It now plans to move businesses earning more than $8 billion in revenue from its material science division to the specialty-chemical unit. That puts some of the silicone business into both units. Bernstein analyst Jonas Oxgaard said, "We expect that this updated portfolio was seen by legacy Dow as the bare minimum to avoid an activist fight." Shareholders liked what they heard, driving the shares higher at Tuesday's market open. Glenview Capital said it supports the changes and pressed for a share buyback program. Back in May, activist investor Dan Loeb had questioned the initial spinoff plan and suggested moving several businesses from the materials unit to specialty products.

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DowDuPont alters breakup plans

2017年 9月 12日 星期二 - 01:06