Canada’s Competition Bureau said on Tuesday it would allow a planned merger between DuPont (DD.N) and Dow Chemical Co (DOW.N) after both firms agreed to dispose of some assets.
The announcement is similar to those made by U.S. and European Union regulators, who also allowed the merger to go ahead as long as the firms made divestitures they already have outlined.
“The agreement reached today ensures that consumers and businesses continue to benefit from a dynamic marketplace,” competition commissioner John Pecman said in a statement.
DuPont will sell a significant part of its global herbicides business and research and development branch to FMC Corp (FMC.N). Dow will sell its global business of certain specialized plastics products to SK Global Chemical Corp[SKENGC.UL], the Competition Bureau said in a statement.
The bureau said the asset sales were needed to prevent a substantial lessening of competition in the supply and development of some crop protection products and specialized packaging plastics.
Source: Reuters.com