Talk has quieted recently about the proposed Dow/DuPont merger, but that silence ended Wednesday as shareholders met to vote on the proposed deal.
According to a DuPont statement, stockholders of both companies approved the deal, which will allow the merger to go forward, pending regulatory approval.
"The overwhelming support of Dow and DuPont stockholders to approve this historic merger transaction is a clear testament to the compelling value proposition and enhanced shareholder value that DowDuPont represents," said Andrew N. Liveris, Dow's chairman and chief executive officer. "Today is a pivotal step toward bringing together these two iconic enterprises, and to the subsequent intended separation into three leading, independent technology and innovation-based science companies that will generate significant benefits for all stakeholders."
This potential merger, with a $130 billion value, would divide the new company into three separate entities: material science, specialty products and agriculture. The new agriculture company would become the new market leader in seed and chemicals.
Even with shareholder approval, though, the DowDuPont deal still has several regulatory hurdles to jump. The U.S. Department of Justice, along with other regulatory bodies and countries, are reviewing the proposal for anti-competitive issues and other concerns.
"We are now focused on important next steps toward completing the merger transaction, including working with regulators in the appropriate jurisdictions," said Ed Breen, chair and chief executive officer of DuPont. "We are confident that this merger will create long-term, sustainable value for stockholders and superior solutions and choices for customers."
The companies anticipate receiving merger approval by the end of 2016.