DowDuPont Approves Corteva Spin-off
DowDuPont’s board of directors has approved the previously announced separation of its Agriculture division, which will become Corteva Agriscience on Jun. 1. The division combines DuPont Crop Protection, Pioneer and Dow AgroSciences.
To effect the separation, the board has declared a pro rata dividend of all the outstanding shares of Corteva common stock to be paid on Jun. 1. Each DowDuPont shareholder will receive one Corteva share for every three shares of DowDuPont common stock.
Ed Breen, DowDuPont’s CEO, said the announcement marks a major milestone toward successfully separating Corteva. He commented: “We believe Corteva is set to be a leading pure-play agriculture company with a balanced portfolio and robust innovation pipeline that will drive long-term value for shareholders.”
The company also said that the US Securities and Exchange Commission has declared effective the Registration Statement on Form 10 filed by Corteva. The Form 10 includes information regarding Corteva’s business, strategy and priorities as well as details about its spin-off, which remains subject to the satisfaction or waiver of certain conditions that DowDuPont expects will be satisfied by Jun. 1.
On that date, DowDuPont will also change its registered name to DuPont de Nemours, doing business as DuPont. The new Dow, the first of the three entities to be spun out of the DowDuPont conglomerate, started trading on Apr. 1.
