DuPont profit beats on strong seed demand
By Swetha Gopinath
(Reuters) - Chemicals and seeds producer DuPont (DD.N: Quote), which is merging with Dow Chemical Co (DOW.N: Quote), reported a better-than-expected profit for the seventh straight quarter, helped by a rise in seed sales, sending its share up 3.5 percent.
DuPont, which is merging with Dow Chemical Co (DOW.N: Quote), continues to expect to close its merger in August, Chief Executive Ed Breen said in a statement.
Regulatory hurdles have repeatedly delayed closing of the merger, which was announced in December 2015.
Any further asset sales required to win regulatory clearance would be "small, nothing of significance", Breen told Reuters.
DuPont said last month it would swap assets with FMC Corp (FMC.N: Quote), acquiring nearly all of FMC's health and nutrition business, while divesting a portion of its crop protection business.
The divestiture was made to win European Union approval for the company's merger with Dow Chemical.
The companies were "progressing well" on pending regulatory approvals, Breen said.
The deal is yet to be approved by the United States and China, among others. Continued...