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| Dow and DuPont confirm merger plan | Dow and DuPont confirm merger plan |
| (34 minutes later) | |
| US chemical giants Dow Chemical and DuPont have announced a plan to merge, in a deal valuing them at $130bn (£86bn). | US chemical giants Dow Chemical and DuPont have announced a plan to merge, in a deal valuing them at $130bn (£86bn). |
| The all-share deal will eventually lead to the merged company, initially to be called DowDuPont, being split in three. | The all-share deal will eventually lead to the merged company, initially to be called DowDuPont, being split in three. |
| The three companies would focus on agriculture, materials and speciality products. | The three companies would focus on agriculture, materials and speciality products. |
| If the merger is cleared by regulators, the new company will be owned equally by current Dow and DuPont shareholders. | If the merger is cleared by regulators, the new company will be owned equally by current Dow and DuPont shareholders. |
| The companies aim to achieve the split into three within two years of the completion of the merger. | The companies aim to achieve the split into three within two years of the completion of the merger. |
| They hope to save $3bn through cost-cutting during that period. | They hope to save $3bn through cost-cutting during that period. |
| At the same time, DuPont announced a cost-saving plan that will involve cutting about 10% of staff. | At the same time, DuPont announced a cost-saving plan that will involve cutting about 10% of staff. |
| Andrew Liveris, currently chief executive of Dow, will be executive chairman of the new company, while DuPont chief executive Ed Breen will be the new chief executive. | |
| "This transaction is a game-changer for our industry and reflects the culmination of a vision we have had for more than a decade to bring together these two powerful innovation and material science leaders," Mr Liveris said. | |
| Dow also announced that it was buying the glassmaker Corning out of their 50-50 joint venture, Dow Corning. | |
| Dow Corning was formed in 1943 and makes silicon-based products for cars, aerospace and electrical uses. |