DuPont & Co. announced Friday an deal with FMC Corp. in which DuPont will sell a portion of its crop protection business to FMC in exchange for $1.2 billion in cash and FMC Health and Nutrition. DuPont said the deal was made to comply with the European Union’s ruling related to its merger with Dow Chemical Co. to divest certain assets. FMC expects the deal, which is subject to the closing of DuPont’s merger with Dow, to immediately add to adjusted earnings after it closes, which is expected to be in the fourth quarter of 2017. FMC said the deal will make it the world’s fifth-largest crop protection chemical company. FMC’s stock has rallied 8.7% year to date, while DuPont’s has climbed 11%, Dow’s has gained 12% and the Dow Jones Industrial Average has advanced 4.9%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News