DuPont(DD) has been no stranger to spinoffs. Following the 2015 spinoff of Chemours(CC), DuPont merged with Dow Chemical in preparation for a three-way split executed earlier this year, leaving DuPont, Dow Chemical(DOW) and Corteva(CTVA) as independent companies. But there is no rest for the weary. Citigroup analyst P.J. Juvekar believes there is more to come. “We expect DuPont… Read More »
A recent piece in Barron’s notes that “Sanford Bernstein analyst Jonas Oxgaard recently called the DowDuPont merger and 3-way split the “most complicated action in corporate history.”” It goes on to note, regarding the scale of the transactions: Oxgaard’s claim is difficult to verify, but it doesn’t feel far from the truth. Consider, legacy-Dow and legacy-duPont announced their intention to form the largest… Read More »
It seem like just last month that DowDuPont(DWDP) completed the spinoff of Dow(DOW). As was planned from the moment Dow and DuPont merged just a few short years ago, DowDuPont has one more spinoff to complete before it changes its name back to DuPont(or DuPont de Nemours, Inc., to be precise), and its ticker back to DD. DowDuPont’s… Read More »
Over 18 months since announcing plans to merge, Dow Chemical(DOW) and E. I. du Pont de Nemours and Co.(DD) will complete their merger on August 31. The new company will be named DowDuPont and will trade under the new DWDP ticker. DowDuPont will be included in both the S&P 100 and S&P 500, as were both predecessor companies. Don’t… Read More »
The WSJ is reporting that Dow Chemical (DOW) and DuPont (DD) are in advanced merger talks to create a chemical behemoth with leading positions across the chemical spectrum including ag, plastics and a host of other markets. Both companies have been shedding non-core and non-performing assets over the past few years, including some via spinoffs and exchange offers.… Read More »
Despite what appeared to be reasonable improvement in the first quarter since its spinoff from DuPont(DD), The Chemours Company(CC) stock has continued its downward spiral. The company which began when-issued trading at $21 in late June, closed at $6.43 yesterday. As we have discussed previously, the company is burdened with $4 billion in debt, plus unknowable environmental liability.… Read More »
A few short hits for the end of the week… The WSJ busted out an activist report card analyzing the results of ‘what happens to large U.S. companies after an activist arrives’. Naturally, the outcome is ‘mixed’. That said, it’s certainly an interesting data set to parse through and one is able to sort by activist or by… Read More »
It’s a summer Friday – here are a few links for your enjoyment: 1) Gannett (GCI) recently transformed itself via spinoff (the parent company changed its name to TEGNA(TGNA)) into a print focused business. New CEO Robert Dickey is tasked with building a business in a market that is facing severe secular headwinds. So what is the plan?… Read More »
One of the attractions of spinoffs is that they tend to be underfollowed companies out of the gate. Of course, that isn’t always the case and DuPont’s (DD) recent Chemours (CC) spin has sure gotten plenty of attention although most of it hasn’t been so great. Wall Street’s opinions started rolling in about a week prior to the… Read More »
What a week for spinoffs. Truly historic. Beginning on Monday with TEGNA (TGNA)/Gannett (GCI), the ‘Summer of Spin’ crescendoed yesterday with the completion of six more spins: DuPont (DD) spun off its performance chemicals unit (including Teflon) into Chemours (CC). The new company told investors it plans on paying out a stable dividend, which is somewhat unusual for such… Read More »
The ‘Summer of Spin’ rolls on and yesterday witnessed the completion of three more spin offs: Masco (MAS) separated its installations and services into TopBuild (BLD) TriMas (TRS) spun off its former Cequent units as Horizon Global (HZN) Babcock & Wilcox (BWC) changed its name to BWX Technologies (BWXT) and spun off its power generation unit as Babcock &… Read More »
The unprecedented number of spins this week has kept the folks at S&P working overtime making changes to their indexes. Last week, AOL(AOL), a spinoff of Time Warner(TWX) was acquired by Verizon(VZ), a conglomeration of several spinoffs of the original AT&T(T). As a result, Casey’s General Stores(CASY) will move from the S&P SmallCap 600 to take its spot in… Read More »
Calling all spinoff lovers – it’s time to get your hard hats on because the end of this month is going to be crazy. Just call it the ‘Summer of Spin’. In the somewhat improbable five plus years we have been running this site (and I am willing to bet over the course of history), there has never… Read More »
DuPont(DD) has not been lacking in drama, with a famously noisy battle with activist Nelson Peltz. The company is now in the final stretch of its spinoff of Chemours, with a date and ratio set. The stock will be distributed on July 1 to shareholders as of June 23. Shareholders will receive one share of Chemours for every… Read More »