European Commission Approves Merger of Dow With Union Carbide
HORGEN, Switzerland, May 3, 2000 /PRNewswire via COMTEX/ -- The Dow Chemical Company (NYSE: DOW) welcomes the European Commission's decision to approve its merger with Union Carbide Corporation (NYSE: UK).
Dow and Union Carbide are a good fit -- they are complementary in their technical know-how, product ranges and geographic scope. This combination will enable the new company to provide customers with the widest range of chemical products on a worldwide basis.
Dow is pleased that the Commission and the EU Member States have recognized the positive impact that this proposed merger will have on competition in Europe, which affirms Dow's belief that the deal will bring increased choice, customer service and growth in this and other regions around the world.
As a condition of its approval, the European Commission requires the divestiture of some European polyethylene assets currently in Union Carbide's portfolio, the licensing of certain polyethylene gas phase technology globally, and the divestiture of Dow's worldwide ethyleneamines business, with the exception of Dow's facility in Terneuzen, the Netherlands.
Dow and Union Carbide are currently in dialogue with the U.S. Federal Trade Commission (FTC) and Canadian antitrust authorities to achieve regulatory clearances in North America.
Dow is a leading science and technology company that provides innovative chemical, plastic and agricultural products and services to many essential consumer markets. With annual sales of $19 billion, Dow serves customers in 162 countries and a wide range of markets that are vital to human progress, including food, transportation, health and medicine, personal and home care, and building and construction, among others. Committed to the principles of sustainable development, Dow and its 39,000 employees seek to balance economic, environmental and social responsibilities.
SOURCE Dow Chemical Company
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CONTACT: Marina Ashanin, Public Affairs, Dow Europe SA, +41-1-728-2347; or Sean Clancy,
Corporate Communications of Union Carbide Corporation, 203-794-6976
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