Tue, Apr. 26, 3:16 AM
- Net profit rose to $1.2B from $1B a year earlier but adjusted operating earnings fell 4% to $1.11B.
- "Solid execution, local price and product mix gains, and higher corn area led to a strong start to the year for our (agriculture) business," says CEO Ed Breen. "Our other businesses generally performed well, slightly above our expectations."
- The increase in guidance comes after the dollar weakened against "most currencies" during the past three months.
- DuPont (NYSE:DD) hopes to complete its merger with Dow Chemical (NYSE:DOW) this year, pending approval from regulators.
Mon, Apr. 25, 11:31 PM| Mon, Apr. 25, 11:31 PM | 3 Comments
Mon, Apr. 25, 5:30 PM
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Fri, Apr. 15, 4:57 PM
- Vermont’s attorney general asks a federal court to force Monsanto (NYSE:MON), DuPont (NYSE:DD), Syngenta (NYSE:SYT) and other big seed and food companies to turn over internal research related to “potential health or environmental impacts” of GMO crops, as well as pesticides used on them.
- The AG also is seeking from ConAgra (NYSE:CAG) and Kellogg's (NYSE:K) “consumer survey research” conducted over the past decade on GMO foods and on the use of “natural” labels on such products.
- Vermont is defending its law passed in 2014 that requires labels for some food products made from biotech crops.
Wed, Apr. 13, 5:36 PM
Wed, Mar. 23, 12:47 PM
- The chemicals industry is on the verge of an "M&A bonanza," driven by strong balance sheets, cheap financing and activist pressures, Deutsche Bank says following a week-long series of meetings with leading U.S. and European chemical companies.
- Deutsche Bank sees the U.S. Gulf coast region as the top global investment region looking ahead, and says North American ethane based ethylene production still maintains a 50%-60% cash cost advantage over European production even though the collapse in oil price has flattened the cost curve.
- Among U.S. majors, the firm maintains Buy ratings on Celanese (CE -1.3%), Dow Chemical (DOW +0.6%), DuPont (DD +0.8%), Eastman Chemical (EMN +0.1%) and PPG Industries (PPG -0.3%); Evonik (OTC:EVKIF), BASF (OTCQX:BASFY) and Linde (OTCPK:LNAGF) are viewed as top potential European buyers of U.S. assets.
Mon, Mar. 7, 6:21 PM
- DuPont (NYSE:DD) rose 2.4% in today's trade following reports that BASF (OTCQX:BASFY) is considering a bid for the company, even as DuPont prepares to merge with Dow Chemical (NYSE:DOW).
- "We just don't see it... BASF cannot come up with a more attractive offer" than the current Dow-DuPont deal, Bernstein analysts write, adding that BASF would struggle to raise the expected $72B for a takeover.
- Jefferies' Laurence Alexander notes that BASF has not done large-scale M&A since the end of the last decade, and its reported interest in a potential spoiler bid for DuPont "run aground" on BASF’s return on investment capital, disinterest in equity financing, and credit ratings.
- "The math is terrible for this," Bernstein's Jonas Oxgaard says, also noting that DuPont may be obligated to pay Dow a $1.9B termination fee if it breaks the deal.
- For his part, CNBC's Jim Cramer thinks a DuPont-BASF deal makes no sense "strategically or financially" for either company, although BASF could emerge as a buyer of certain assets Dow-DuPont may be required to divest in order to secure antitrust approval for their merger.
Mon, Mar. 7, 7:52 AM
- BASF (OTCQX:BASFY) shares are heading lower following a Bloomberg report that stated the company was exploring rival bid for DuPont (NYSE:DD), which late last year agreed to merge with Dow Chemical.
- The news comes less than two weeks after BASF Chief Executive Kurt Bock dismissed suggestions that the group needed to pursue large deals to transform its diversified chemicals and oil business.
- BASF -2.3% in Germany; DD +2.9% premarket
- Previously: Bloomberg: BASF exploring rival bid for DuPont (Mar. 04 2016)
Fri, Mar. 4, 5:40 PM
Fri, Mar. 4, 4:38 PM
- DuPont (NYSE:DD) +5.2% AH following a Bloomberg report that BASF (OTCQX:BASFY) is considering a rival takeover bid for the company.
- BASF is working with advisers and banks to examine the merits of making a counter bid for DuPont, which has agreed to a merger with Dow Chemical (NYSE:DOW), according to the report.
- BASF is said to have held talks with DuPont before the merger agreement with Dow, but the talks did not progress.
Thu, Mar. 3, 10:30 AM
- The chief executives of DuPont (DD +0.1%) and Dow Chemical (DOW +0.2%) will receive a combined $80M in "golden parachute" payments after DowDuPont splits into three, according to a new regulatory filing.
- Dow CEO Andrew Liveris would get $52.8M in cash, stock and other payments, while DuPont CEO Edward Breen would collect $27.2M.
- DowDuPont plans to break up into three separate businesses - agriculture, material sciences and specialty products – after the merger of Dow and DuPont closes (expected in the second half of this year).
Thu, Mar. 3, 7:56 AM
- Delivering cost savings & operating earnings commitments.
- Ensuring delivery of pipeline in agriculture.
- Completing the proposed merger of equals with Dow Chemical, including achieving the cost & growth synergies in agriculture.
- DuPont's (NYSE:DD) James Collins will discuss the priorities today at the BofA Merrill Lynch 2016 Global Agriculture and Chemicals Conference - including plans to deliver an innovation pipeline of new genetics, biotech traits and crop protection products.
Wed, Mar. 2, 5:36 PM
- Syngenta (NYSE:SYT) enjoyed a late spike to pull shares near breakeven after WSJ reported that DuPont (NYSE:DD), under both former CEO Ellen Kullman and current CEO Edward Breen, had talked with the company about a takeover or merging its agriculture business.
- WSJ previously had reported that SYT and DuPont had discussed merging their ag businesses, but it was not known that DD had explored the possibility of buying the company outright.
- Separately, SYT and DuPont today announced the seed industry's first 50/50 joint venture to out-license genetics to U.S. and Canadian seed companies, with the potential to expand worldwide, and to cross-license certain corn and soybean traits that each company will market independently under their own seed brands.
- The agreement includes rights for SYT to market DuPont's new Optimum GAT herbicide tolerant trait, and DuPont receives a global license to SYT's insect resistance technology for European corn borer, corn rootworm and broad lepidopteran control.
Wed, Mar. 2, 12:49 PM
- Monsanto (MON -7.5%) sinks after cutting its FY 2016 and Q2 profit outlook, citing weak foreign currencies, increased generic competition and compressed grower margins.
- CEO Hugh Grant says MON may not achieve its target of doubling EPS by 2019 because of the current struggles, and that MON is no longer interested in buying Syngenta (SYT -0.9%) after the latter agreed to be acquired by ChemChina.
- Before MON's announcement, the Bernstein research firm called a bottom in the agricultural cycle, which it sees as positive for MON and Potash (POT +3.4%), as spot potash prices are expected to trend positively during the spring planting season.
- Related tickers: DD -1.2%, DOW -0.8%, AGU -1.2%, CF -3.5%.
Wed, Mar. 2, 10:38 AM
- U.S. regulators need more time to look over materials related to DuPont's (DD -2.5%) merger with Dow Chemical (DOW -1.9%), a move that extends the review period.
- According to a new SEC filing, the request for additional information will extend the waiting period another 30 days, but it was unclear what the end date of the review would be.
- The two chemical companies agreed to combine in an all-stock merger in December, in a first step towards breaking up into three separate businesses.
Mon, Feb. 29, 5:48 PM
- Citigroup analysts P.J. Juvekar and Daniel Jester believe new DuPont (NYSE:DD) CEO Ed Breen is “making all the right moves" ahead of its merger with Dow Chemical (NYSE:DOW), but they are not ready to change their Neutral rating on the stock because of agriculture weakness and slower global growth.
- DuPont’s "new data-driven CEO" is drawing on his “turnaround and split” experience at Tyco by cutting costs and streamlining DuPont’s organization, Juvekar and Jester say, adding that DD needed to be more streamlined in its cost-structure as well as decision making.
- Breen says R&D projects were taking much longer to go commercial and that DuPont is now focusing on return-on-capital as a key driver for R&D; Citi notes the company has struggled with its R&D productivity for years.
E.I. du Pont de Nemours & Co. science-based products and services company. It operates through seven segments; Agriculture, Electronics & Communications, Industrial Biosciences, Nutrition & Health, Performance Chemicals, Performance Materials, Safety and Protection. The Agriculture segment... More
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