The chemical company set to take up a significant chunk of DuPont’s crop protection work in Canada has picked up the last of the regulatory clearances it needs to close the deal.
Philadelphia-based FMC Corp. announced Thursday it received the final approval needed, from the Competition Commission of India, to close the deal the company reached with DuPont in late March.
FMC’s deal allows DuPont to shed several of the assets required to meet regulators’ conditions for its own merger with Dow Chemical, which closed Sept. 1.
The deal, an asset swap which will see DuPont get FMC’s health and nutrition business plus US$1.2 billion cash, is now on track to close effective Nov. 1, FMC CEO Pierre Brondeau said in a release.
For Canadian farmers, the deal will see FMC take over DuPont’s portfolio of cereal broadleaf and pre-seed burn-off herbicides in Canada.
The deal also gives FMC the PrecisionPac herbicide dispensing system; DuPont’s experimental farm at Hanley, Sask., south of Saskatoon; a packaging plant in Calgary; and a chemical manufacturing facility at Manati in Puerto Rico.
The Competition Bureau of Canada, which cleared the Dow/DuPont merger in June, noted the deal will also give FMC DuPont’s Stine facility at Newark, Delaware.
The Stine plant, the bureau said, today houses DuPont’s “primary herbicide discovery and development efforts for Canadian markets.”
FMC, which maintains a Canadian office in Saskatoon, is an “acceptable” buyer for the DuPont assets, with “the managerial, operational and financial capability to compete effectively in Canada,” the bureau said in June.
FMC’s Canadian brand portfolio includes Aim, Authority, Command 360 and Focus herbicides, Rovral, Fracture and Fullback fungicides and Pounce, Beleaf and Capture insecticides. — AGCanada.com Network