Wilmington, Delaware / Midland, Michigan – The European Commission (EC) has initiated a ‘phase II review’ for the proposed merger DuPont and Dow Chemical Co., the companies have announced.
The would-be partners said they had expected a “thorough review” and were working closely with relevant regulators, including the EC.
“The companies continue to believe the merger is procompetitive and good for customers and consumers,” said their joint statement issued 11 Aug.
Phase II reviews are standard to the review process for major transactions under EU merger regulations. This generally gives the Commission 90 days to review the pending transaction.
Dow and DuPont said they would “continue to work constructively with the Commission to address their concerns and to obtain clearance for the merger, which we are confident will be achieved.”
The companies began the formal process to obtain EC merger approval on 22 June: submitting a required filing to obtain regulatory clearance for the proposed merger.
Dow and DuPont said they still expect the transaction to close by year-end 2016.