DuPont de Nemours, Inc. DD

Now known as DuPont de Nemours, Inc. (DD), this is the parent company to the Large-Cap Spins Dow, Inc. (DOW) and Corteva, Inc. (CTVA) completed in April and June 2019, respectively. It is the remaining Specialty Chemicals businesses left from the combination of The Dow Chemical Company and EI du Pont de Nemours & Co. in August 2017, detailed below. 

We were positive about the merger of The Dow Chemical Company (DOW) and E.I. du Pont de Nemours & Co. (DD) and the subsequent planned Spinoff transactions, as we are optimistic about the leadership of former DD’s CEO Edward Breen, the dual-activist involvement in the situation and huge synergy effects. We preferred DuPont over Dow due to a greater value proposition and better upside post-merger. Furthermore, DuPont’s CEO is now the head of the merged entity DowDuPont, Inc. (DWDP), which we believe will be an added advantage for shareholders. We anticipated +19% post-Spinoff upside for DuPont shareholders, compared to the +15% upside for Dow shareholders.

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