Allens advises DuPont on ACCC clearance

Allens has secured ACCC clearance on behalf of E.I. du Pont de Nemours and Company (DuPont) for its proposed merger with The Dow Chemical Company (Dow).

The ACCC decision follows DuPont's joint announcement with Dow in December 2015 of a definitive agreement under which both companies would combine in an all-stock merger of equals valued at US$150 billion.

The combined company will be renamed DowDuPont, which the parties intend to later separate into three independent, publicly traded companies.

ACCC clearance is conditional upon divestiture commitments given by the parties to the European Commission.

'We are delighted to have worked with our longstanding client, DuPont, to achieve this outcome,' said lead partner Jacqueline Downes, Allens' Practice Leader of Competition Law.

'It is a particularly pleasing result given the complexity of the matter.

'We are looking forward to continuing our work with DuPont as it progresses its merger with Dow.'

Skadden, Arps, Slate, Meagher & Flom LLP acted as global coordinating counsel for DuPont.

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