Mon, Mar. 30, 8:25 AM
- DuPont (NYSE:DD) has approved changes to the corporate governance structure at The Chemours Company, which remains on on track to spinoff in mid-2015.
- Chemours’ classified board structure will be submitted to a shareholder vote at its first Annual Meeting in 2016. If the classified structure is not approved by shareholders at the meeting, the unit will immediately declassify its Board such that all directors would be up for annual election beginning with the 2017 Annual Meeting.
- The ownership threshold for shareholders to call special meetings has also been lowered to 25%.
Mon, Mar. 30, 1:51 AM
- Although it has not revealed what compromise it is seeking, Fidelity Investments, DuPont's (NYSE:DD) sixth largest shareholder, has put pressure on activist Trian Fund Management and the chemical conglomerate to reach a settlement over their "detrimental" proxy fight.
- Trian, which owns a 2.7% stake in DuPont, is pushing for the appointment of four of its own directors, including Nelson Peltz, at the company's annual shareholder meeting on May 13.
- Previously: DuPont board battle heats up (Mar. 23 2015)
Mon, Mar. 23, 12:35 PM
- Origin Agritech (SEED +24.5%) soars in a move attributed to a WSJ article discussing China's desire to develop a local seed company, potentially through a renewed bid for SEED, which controls the rights to China's first genetically modified corn.
- SEED last year rejected a $60B takeover bid from China's state-backed Hunan Xindaxin but its top executives believe another attempt is coming, as China looks to find a way to can keep foreign giants such as Monsanto (NYSE:MON), DuPont (NYSE:DD) and Syngenta (NYSE:SYT) at bay while significantly increasing the country’s spending on R&D.
- China is the world’s second largest seed market but limits foreign producers to minority stakes in joint ventures, and its domestic seed makers are too small and scattered for the government to corral in pursuit of controlling the biotechnology that underpins the competitive power of global seed manufacturers.
Mon, Mar. 23, 7:03 AM
- DuPont (NYSE:DD) has filed definitive proxy materials with the SEC in connection with its Annual Shareholder Meeting, scheduled for May 13, 2015.
- Excerpt from the filing: "Your Board is a powerful advocate for investors with a proven track record of delivering superior value...we strongly recommend that you elect these world-class leaders by voting the enclosed WHITE proxy card today "FOR" all 12 of DuPont's qualified and experienced director nominees."
- The company has been battling Nelson Peltz's Trian Fund Management, which has stated its intention break up the chemical giant by nominating four of its own directors to DuPont's Board.
Fri, Mar. 20, 7:35 AM
- JinkoSolar (NYSE:JKS) has signed a strategic collaboration agreement with DuPont (NYSE:DD) to further the growth and adoption of efficient and reliable solar generated electricity.
- Areas of potential collaboration: technical development, improvements in solar cells and panels and co-marketing efforts.
- JKS +2.1% premarket
Mon, Mar. 16, 2:38 PM
- DuPont (DD -4.1%) slides to its lows of the day following a two-notch downgrade to Underperform from Buy at BofA Merrill.
- DuPont is contending with several challenges, including pricing pressures as some farmers buy less expensive seeds, a likely decline in total U.S. corn acreage, and elevated inventories of crop protection chemicals, BofA analyst Kevin McCarthy believes.
- In chemicals, ethylene margins are likely to fall this year, while TiO2 prices continue to drop, all while the strength of the U.S. dollar is likely to weigh on the company's overall results, the analyst says.
- McCarthy says the biggest risk to its cautious posture is the ongoing engagement of Trian, which could lead to acceleration of cost cuts and possibly further reshape the portfolio or lead to a break-up of DuPont.
- The firm also cuts its EPS estimates for 2015 and 2016 to a respective $4 and $4.30, both falling below the consensus estimate of $4.09 for 2015 and $4.56 for 2016.
Mon, Mar. 16, 10:06 AM
- Despite the rejection of four of its nominees to DuPont's (DD -2%) board, Trian Fund Management said there was still "strong interest" among large DuPont shareholders for a representative from the hedge fund to join the chemical conglomerate's board.
- DuPont said on Friday that it was prepared to add only one of the nominees suggested by the hedge fund, John Myers, to its board.
- "We are also pleased with the positive feedback that we have received from DuPont stockholders regarding all of Trian's nominees," the hedge fund said in a regulatory filing on today.
Mon, Mar. 16, 7:59 AM
Fri, Mar. 13, 4:48 PM
- DuPont (NYSE:DD) tells Trian Fund Management that it does not believe direct representation by a Trian principal is an acceptable resolution that serves the best interests of all shareholders, according to a letter that is reprinted in an SEC filing.
- DuPont says it is prepared to add one of the nominees suggested by the hedge fund, John Myers, to its board; Trian had proposed all four of its nominees be added to the board.
- "Since it made its investment, Trian has been singularly focused on a high-risk agenda to break up and add excessive debt to DuPont," CEO Ellen Kullman writes in a letter to the hedge fund.
Thu, Mar. 12, 10:49 AM
- In a "Squawk on the Street" interview, activist investor Nelson Peltz said DuPont (DD +0.6%) CEO and Chair Ellen Kullman had offered to place one of Trian's nominees on DuPont's board, but he turned down the offer.
- "I said that didn't work then. It's not working now," said Peltz. "I'm willing to have two directors on the DuPont board, me being one of them."
- Peltz also wants to place two members on the board of the DuPont spinoff company, Chemours, and said that company's corporate governance must be changed.
- Previously: Trian solicits proxies for Peltz election to DuPont board (Feb. 11 2015)
- Previously: DuPont reportedly meets with Trian's board nominees (Feb. 03 2015)
- Previously: Trian slams DuPont, nominates four to board (Jan. 08 2015)
Wed, Mar. 11, 8:12 AM
- EU politicians today will sign a new law on the cultivation of GMO crops in the European Union, clearing the way for a wave of approvals after years of deadlock.
- One of the first crops to gain endorsement likely will be the insect resistant corn 1507 that developers DuPont (NYSE:DD) and Dow Chemical (NYSE:DOW) have been waiting 14 years for authorization to cultivate in the EU.
- The compromise law gives member states the right to ban GMO crops even after European Commission approvals; Britain favors GMO crops, while France is among the nations that oppose them.
Thu, Mar. 5, 6:45 PM
- DuPont (NYSE:DD) says an unplanned outage at its Chambers Works chemical plant in New Jersey will challenge Q1 productivity and earnings in its safety and protection segment.
- In discussing its presentation at today's JP Morgan Aviation, Transportation and Industrials Conference detailing its efforts in advanced materials, the company says it is focused on "a $50B portion of a $500B potential market.”
- Shares -0.4% AH.
Tue, Mar. 3, 6:56 PM
- DuPont (NYSE:DD) nixes a request from Trian Fund Management to use a universal ballot in a coming vote on directors, just weeks after the company rejected the hedge fund’s board nominees and proposed two of its own.
- DuPont says it will continue to rely on proxy cards, which will force shareholders to either vote for or against its slate of directors; a universal ballot would put both Trian’s four nominees and DuPont’s full 13-member board on the same paper document sent to shareholders.
- While the issue seems technical, the decision can affect the ability of smaller investors to pick and choose directors from each side’s slate, which is particularly important at DuPont since it has a base of nearly 600K individual shareholders.
- DuPont and Trian are engaged in a bitter fight over the performance and future of the company, with the hedge fund believing the company's agriculture and industrial chemicals businesses should be separated.
Tue, Feb. 17, 10:33 AM
- DuPont (DD -0.3%) says proposals from Trian Fund to break up the company and add more debt are not in the best interest of shareholders, and that Trian has launched a proxy fight which is based on "inaccurate data and flawed analyses to distract from DuPont's track record of strong performance."
- DuPont says its management team remains focused on a restructuring plan launched in 2009 it believes is laying the foundation for future success, and notes that returns during one-, three- and five-year periods outperformed its peers and the S&P 500.
- Trian, run by Nelson Peltz, has been pushing to gain four seats on the DuPont board.
Wed, Feb. 11, 10:22 AM
- Trian Fund files a proxy statement urging DuPont (DD -0.3%) shareholders to vote for its slate of four nominees to the board, including Nelson Peltz.
- Trian also describes initiatives it believes DuPont should take to improve financial and operational performance and corporate governance, adding that It is "not acceptable that earnings in 2012, 2013, 2014 and, according to DuPont's own guidance, 2015, are all below earnings in 2011."
- DuPont last week named two new directors to its board, saying it would have considered a Trian nominee but the fund refused any proposals that did not include Peltz on the board.
Tue, Feb. 10, 2:14 PM
- Nelson Peltz's Trian Fund and other investors are raising questions about the stock holdings of DuPont (DD -0.1%) Chairman/CEO Ellen Kullman, who exercised stock options and sold more than 500K shares of DuPont stock after Trian went public with its campaign to split DuPont's businesses, WSJ reports.
- DD shares hit 15-year highs following Trian’s move.
- Combined with other, earlier sales that also came from exercising stock options, Kullman last year reduced her total exposure to DuPont stock by 35%.
- InsiderScore.com, which monitors such filings, says the sales “raised red flags and sent a negative value message."
- DuPont says Kullman’s sales were part of a prearranged trading program that could not be stopped because it was around the time the company was set to release its earnings report.
DD vs. ETF Alternatives
E I du Pont de Nemours & Company is a science and engineering company that offers products and patents applications for agriculture, nutrition, electronics and communications, safety and protection, home and construction, transportation and apparel.
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