Dow Chemical and Union Carbide announced a definitive merger agreement that would create a chemical-industry giant rivalling DuPont for the top spot among U.S. chemical companies.
MIDLAND, MI — The Dow Chemical Co. and Union Carbide Corp. announced a definitive merger agreement that would create a chemical-industry giant rivalling DuPont Co. for the top spot among U.S. chemical companies, with combined annual revenues of more than $24 billion.
The company would retain the Dow name following the $11.6-billion merger. Under terms of the stock transaction, Union Carbide shareholders will receive 0.537 shares of Dow stock for each share of Union Carbide stock they own. Union Carbide Chairman and CEO William Joyce will become vice chairman of the Dow board of directors.