Zimmer Biomet Holdings(ZBH) modestly calls itself “a global leader in musculoskeletal healthcare.” Last week, it announced it will be slimming down, with plans to spinoff its Spine and Dental businesses in mid-2022. With a market cap of over $32 Billion, Zimmer Biomet is anything but a small company. “As part of the third phase of ZB’s ongoing transformation,… Read More »
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 »
Perhaps readers thought that the DowDupont spinoff was beaten to death and were glad to see the final spinoff date pass. Sorry to disappoint, but there’s still more to say on the subject (and likely will be for some time!). In this week’s Odds and Ends we catch up on some of the recent action: 1. DuPont Gets… 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 »
The upcoming spinoff of Corteva Agrisciences on June 1st is the final step of DowDupont’s (DWDP) breakup. You may have heard us talk about it once or twice or…it’s not important. As a reminder though, Corteva will trade under the ticker ‘CTVA’ and DWDP shareholders should receive 1 share of CTVA stock for every 3 DWDP shares owned.… 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 »
Some combinations are long-lived. Procter & Gamble(PG) became partners in 1837. Others are over before they began. Dow and DuPont merged 18 months ago to form DowDuPont(DWDP). From the time the deal was announced 18 months earlier, they planned to break up. Now, after shuffling around some businesses, they have taken the first step in their breakup process.… Read More »
DowDuPont(DWDP) celebrates its last trading day intact today. After the bell, it will spin off Dow(DOW), and on June 1, it will spin off its agriscience business as Corteva. Shareholders will receive one share of Dow stock tonight for every three shares of DowDuPont stock owned. It has been a complicated road to get here. CEO Ed Breen… Read More »
A title pairing Robert Zimmerman and Madonna Louise Ciccone- too much? No matter, we’re having fun. DowDuPont(DWDP) is as well, with two spins coming up, the first in just weeks. It was just 36 months ago that Dow and DuPont announced their merger, and just 18 months ago when it closed. All along, they intended to split into… 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 »
It’s been a rough year for Akzo Nobel(AKZOY). First, Elliott Management got involved. The activist fund was pushing for a breakup of the Dutch chemicals company. However, when US rival PPG(PPG) showed up with an offer to buy the whole company, Elliott began pushing the offer over management’s resistance. AkzoNobel was successfully able to leverage Dutch protectionism to… Read More »
Grab a tissue and say farewell to the Tyco (TYC) name. The former high flying conglomerate has a complicated history full of acquisitions (lots of those), strategy shifts, scandal ($6,000 shower curtains!) and of course, a lot of spinoffs. Current DuPont (DD) CEO Ed Breen smashed the company apart not once, but twice, creating three entities in both… Read More »
Wall Street loves spinoffs, but these transactions are hardly simple affairs to execute. There is a reason most of them take more than 9 months to consummate. After pushing off the expected completion date of Ingevity’s spinoff again, it seems WestRock (WRK) is learning that fact the hard way. The specialty chemical spinoff is now expected to be… Read More »
Yahoo (YHOO) had a tough year in 2015. The core business continued declining, key employees fled and its plans to deliver shareholder value by spinning off its Alibaba (BABA) stake into a standalone company was effectively derailed by the IRS. Unfortunately for the company and its beleaguered CEO Marissa Meyer, the start of 2016 isn’t looking much better… Read More »
A few short hits for a December Friday: By now, everyone has read about the proposed ‘mega merger of equals’ between Dow Chemical (DOW) and DuPont (DD) and the subsequent breakup into three separate companies (agriculture, specialty products and materials). One question worth pondering is how does it actually avoid the tax man? It sure seems like a… Read More »