Dupont declares spin-off dividend Chemours company shares

Dupont declares spin-off dividend of Chemours company shares

4:16 PM, 7th June 2015
Dupont declares spin-off dividend of Chemours company shares
Ellen Kullman, chair and chief executive officer, Dupont. (File photo)

WILMINGTON, US: Dupont said that common shareholders will receive one share of Chemours common stock for every five shares of Dupont common stock to be carried out on 1 July. The Chemours shares will be distributed to Dupont stockholders of record as on 23 June, Dupont said.

“Today’s announcement continues our solid progress with the expected separation of the performance chemicals business and provides our shareholders with equity investments in two strong, publicly traded companies with distinct value creation strategies,” said  Ellen Kullman, chair and chief executive officer, Dupont.

Dupont and Chemours expect that all conditions to the spin-off will be satisfied by the distribution date, they said.

Fractional shares of Chemours common stock will not be distributed to Dupont common stockholders. Instead, the fractional shares of Chemours common stock will be aggregated and sold in the open market, with the net proceeds distributed pro rata in cash payments to the Dupont common stockholders who would otherwise receive a fractional share of Chemours common stock.

Shares of Dupont common stock will continue to trade “regular way” on the NYSE under the symbol “DD” through and after the distribution date.

Beginning on or about 19 June, it is expected that there will be two markets in Dupont common stock on the NYSE: “regular-way” under the symbol “DD” and “ex-distribution” under the symbol “DD WI.”

It is anticipated that “when-issued” trading on the NYSE in Chemours common stock will begin on or about 19 June, under the symbol “CCWI.” On 1 July, Chemours common stock will begin “regular-way” trading on the NYSE under the symbol “CC,” Dupont said.

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