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Dow Chemical and DuPont won the blessing of the European Union for their $130 billion merger last month by agreeing to sell substantial assets, including key research and development activities, reports Reuters.
The European Commission (EC) had been concerned that the merger of two of the biggest and oldest U.S. chemical producers would leave few incentives to produce new herbicides and pesticides in the future. The deal is one of a trio of mega mergers that will reshape the industry and consolidate six companies into three.
Asset sales would ensure competition in the sector and benefit European farmers and consumers, the EC said.
"We need effective competition in this sector so companies are pushed to develop products that are ever safer for people and better for the environment," said European Competition Commissioner Margrethe Vestager in a statement.
The two other big deals in the industry are ChemChina's $43 billion bid for Syngenta and Bayer's acquisition of Monsanto. Dow and DuPont said they were still on target for $3 billion in cost synergies and $1 billion in growth benefits.
The deal still requires approval by regulators in the U.S., Brazil, China, Australia and Canada, but the companies said they were confident of clearance in all remaining jurisdictions. (Source: Reuters)
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