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3/8/2019, 2:47 PM (Source: TeleTrader)
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DowDuPont schedules Dow, Corteva spinoffs

DowDuPont Inc. said on Friday the dividend for the second quarter was set at $525 million to be paid on June 14 for holders of stocks as of May 31. Agriscience division Corteva Inc. will be spun off on June 1, it said in the announcement and revealed another dividend – $325 million, was approved for those on record on April 26. The remainder will be called DuPont Inc.

Materials science unit Dow Inc., which also used to be called Dow Holdings Inc., will separate on April 1 and start trading regularly on the New York Stock Exchange on April 2 under the symbol DOW, the statement adds.

The largest chemicals company in the world also stuck with an annual dividend payout of $2.1 billion and affirmed it would launch a $3 billion open share repurchase program after the spinoffs. In addition, stockholders of record as of the close on March 21 are entitled to one share of Dow common stock for every three shares of DowDuPont. As planned, DuPont and Corteva will issue annual dividends of $900 million and $400 million, respectively, the conglomerate said. It was created on August 31, 2017, in a merger of Dow Chemical Co. and DuPont Co.

"We believe that each of the intended three independent companies is set to be an industry leader with the right management and capital structure to better serve customers, compete in their end markets and focus on their innovation priorities," said Ed Breen, DowDuPont's chief executive.

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